BTCUSD- A Look at the Weekly Structure (Part II)
Hi guys,
I'm attempt to make a chart series here every week taking a look at the weekly chart of BTCUSD, so that we may better assess the movement of the coin from a "quiet" perspective. Let's get started.
1) Last week had a strong close. We peaked out at the .618 of the most recent high and low, where we ultimately saw some pullback, but closed at the top of the support structure. At the time that I'm typing this, we're currently consolidating within this 6612-6722 zone. Dollars to donuts, this points to a break up the reverse .618 of our current wave, which brings us to around 7500.
2) I don't want to get too far ahead of myself, but it looks like we have a bear flag forming (thus the rising channel), with our end point being a completed bear bat at around 9100 dollars. If this proves to be the case, we could start seeing a nice general shift in sentiment.
3) There's not much more to be said at the moment, truthfully. Let's play it by ear at at least hope for the weekly to close above last week's high.
I'm attempt to make a chart series here every week taking a look at the weekly chart of BTCUSD, so that we may better assess the movement of the coin from a "quiet" perspective. Let's get started.
1) Last week had a strong close. We peaked out at the .618 of the most recent high and low, where we ultimately saw some pullback, but closed at the top of the support structure. At the time that I'm typing this, we're currently consolidating within this 6612-6722 zone. Dollars to donuts, this points to a break up the reverse .618 of our current wave, which brings us to around 7500.
2) I don't want to get too far ahead of myself, but it looks like we have a bear flag forming (thus the rising channel), with our end point being a completed bear bat at around 9100 dollars. If this proves to be the case, we could start seeing a nice general shift in sentiment.
3) There's not much more to be said at the moment, truthfully. Let's play it by ear at at least hope for the weekly to close above last week's high.
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