Bitcoin Will Likely Consolidate or Pullback Over Coming Weeks
I know we all want to be bitcoin bulls right now, and sure price could push for 10k at anytime. However, the orderly price action, the better for the long-term price action speaks otherwise and I'm going to walk that path. I am the scaredycat after all!
The Weekly Chart Tells a Clear Story
Looking at the daily chart you really don't see this. When we look at the weekly the picture becomes clear.
After 5 straight weeks higher we got a nice doji candle last week. This shows us indecision and that buyers may have run out of gas for a bit.
Since it pushed above the 8400 resistance area there was hope we would just consolidate there (which is still very well possible if prices push back above 8k during this week). That doesn't leave much room to operate though, thus I'm more inclined to expect a pullback as we have started to get early in the week.
Between the doji candle giving us the reversal possibility and the 10 period moving average (blue line) being well below current price....there are more factors for selling pressure at the moment than upside pressure.
Of course this is just an opinion based on the chart. Anything can happen, but I am expecting some backing and filling over the next week or two before another move higher.
Hopefully I can pick up some more bitcoin around 7300-7400, and if things happen to get sold off hard than 6800 is my next buy target.
Preferably neither of them are revisited and we can just ride higher.
Also have this feeling! What exactly is TIMM?? Saw it on TRYBE too.
It is a website/forum where experienced investors share analysis, etc. with others and can interact with them. Here is a link to the site https://mentormarket.io/ You can also find the TIMM account on steemit.
THANKS for sharing and letting me know!
I have been waiting for bitcoin to pull back. I bought a small amount way back in 3, 600 USD. Now will be waiting for a pull back then buy again, maybe in a week or two.
3,600 is a great price. I was hoping to see a pullback to 5400 when we first pushed into the 7ks but no dice. I had sold some at 7400. Would love to buy some at 6800.
Nice buy price! Very good investment!
Love the $SQ bitcoin cover photo
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Thanks man!
Great view on the weekly! The volume showing some fatigue as well but is healthy if price can consolidate at a new higher low for some time.
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Exactly, that is all I really want. I higher low while it backs and fills, would make for solid price action.
I'm glad, this is very healthy. I'd also like to shake the new batch of weak hands out of the market - the less of them the better!