Hello guys, I hope you are doing great!!!
Last time we update BTC on weekly time frame and marked important weekly levels... If you were following that post, you would find interesting fact. I told you that Major resistance that should be broken on weekly is at 6817 and BTC reached 6820 and didnt close above... The fact that BTC reached that level is very positive... At the moment it wasn't able to hold above but it is Friday and we have 2 whole days + the rest of this day.
above chart is created by crypto expert
BTC could close this week at 66xx or 67xx too but it wouldn't be good to see close below 6443. If we see weekly close I wont be bullish until I see new bullish sign...
This weekly level around 6443 is important on 4h time frame too. If we BTC stays above the marked level on 4h time frame, I think we have solid chances to see BTC above 7k. If we see close below that area, then I am not sure if BTC is going to reach 7k in next few weeks. Simply the candlestick formation in that case would be much more bearish and only something big can turn the direction in positive side!!!!
So, taking any position is not suggested because it is very risky time! This week can determine next 2-3 weeks at least!
So, to conclude, I am expecting interesting weekend. The battle between bears and bulls will be very interesting to watch. My opinion is that weekly is a little bit bullish than bearish but 4h is not looking good. Bearish divergance, potential H&S pattern but I will stay neutral because we have both bullish and bearish signs on different time frames.
So, lets wait for confrimation and then enjoy to profit
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