Bitcoin Weekly | Looking At The Candles (Weekend Entertainment)

5 בדצמ׳ 2020

Let's have a look at the last two candles on the Bitcoin weekly chart for entertainment purposes.

Each one of these candles is worth 7 days.

After 7 consecutive green candles/bullish weekly candle close, we have a negative/bearish candle marked here with a #9 on the TD Sequential.

If you remember the Bitcoin monthly analysis we did, I mentioned a higher high after the positive 9 before any bearish action.

Last week we got a 9 and now we also have a higher high which can then lead to bearish action, unless we close this week above the last high.

Today is Saturday so we only have one day left before the week closes.

If Bitcoin moves weekly as it does monthly, we are likely to see its price print a retrace.

Each timeframe is different and can give different signals/clues... The support here is sitting at $15500 or EMA10.

If this scenario develops, Bitcoin would still remain strongly bullish because it grew a lot since March, so any correction is just normal market action and even welcome for many people.

I don't mean to make any predictions here but rather entertain you by reading this chart.

We already looked at multiple scenarios when we read the daily chart.
--

What's your take on Bitcoin's next move?

Straight up or will a "classic correction" take place?

Share with us in the comments section below.

Namaste.