Bitcoin daily/weekly/monthly candle analysis.

20 באוג׳ 2017

The candles of the last few days shows a tower top.The bears seems to become stronger and stronger but as you all know well the bears are mostly very weak in Bitcoin. As i see it now the both are equal fighting for their positions. The tower top is a signal for a possible change of trend. I compare that to the weekly candle which would turn very easy in the coming week into a bearish reversal pattern, by the first day in red. It could scare of a lot of traders causing panic sells. I think this will turn out as a trap when the resistance at 3560 stop this trend. The Bollinger band at the monthly candle also brings a lot of fear because it shows Bitcoin is strongly oversold. In every altcoin market i would immediately sell but this is Bitcoin. It is the main asset for a whole new stock market. And breaking the resistance at 3560$ could signal a bursting of the bubble. I think that will not gonna happen no one, not even the strongest bears would want that. The bearish reversal on the weekly candle pattern will then no longer exist.

I'm interested in your thoughts.