Is Bitcoin going back below 6000 ?!
Hello traders, here's another breakdown of BTC : USD on both weekly and daily time-frame.
If you have already checked our previous analysis on this pair you can tell that that the market is still moving in sync with our analysis. Starting with the weekly time-frame BTC is struggling to break above the 6960 support now turned resistance - which has been tested multiple times for the last two weeks but never broken. The good news is that this week's candle is the first candle from the past three weeks that could close above $6000 support. This could be an indication that bulls are slowly trying to gain control of the market.
Taking this into consideration, we are currently in a no mans land, if today's weekly closure successfully takes over previous wicks located at around 6960 we could be seeing a bullish momentum building up from the next week onward that can take us toward $7500 - $8000 resistance.
However if BTC fails to do so it should be mimicking previous week's movements - taking us back below $6000.
On a lower time-frame such as the daily time-frame you can see the same picture. BTC is being traded at a critical resistance level which also correlates with the weekly key levels so failing to break above could easily take us below $6000
If you have already checked our previous analysis on this pair you can tell that that the market is still moving in sync with our analysis. Starting with the weekly time-frame BTC is struggling to break above the 6960 support now turned resistance - which has been tested multiple times for the last two weeks but never broken. The good news is that this week's candle is the first candle from the past three weeks that could close above $6000 support. This could be an indication that bulls are slowly trying to gain control of the market.
Taking this into consideration, we are currently in a no mans land, if today's weekly closure successfully takes over previous wicks located at around 6960 we could be seeing a bullish momentum building up from the next week onward that can take us toward $7500 - $8000 resistance.
However if BTC fails to do so it should be mimicking previous week's movements - taking us back below $6000.
On a lower time-frame such as the daily time-frame you can see the same picture. BTC is being traded at a critical resistance level which also correlates with the weekly key levels so failing to break above could easily take us below $6000
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