Make or Break for Bitcoin in week of 16th July 2018 [BTFD]
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Looking at four hour chart on Bitcoin/USD we see over the weekend it good bounced from around the 0.618% fib level...
The new Cycle of Power Indicator is showing a change from bearish to bullish conditions and the RSI coming into the overbought levels - this is shown by the change of colour of the line to grey
We also have a Death Cross on a 55/100MA that has just formed
So very mixed signals for bitcoin starting this week, if the 0.618% fib level holds and some buying momentum takes us up over 6800 during the week, then we may see some gains and be good for longs, firstly 6400 need to be broken and established as a floor support and solid buying action as the week starts and then going up to 6600 and above....
IF the 0.618% fib level breaks (currently around 6180 area) then most likely we will be back in power with the Bears and price will come down to touch just below $6,000, even going as low as 5800 area, now if buy support is strong and this does play out we will examine the market after we see the moves that start the week
weekday markets open 10pm GMT +1, so get used to checking the price and movement once the institutions are back on the board and moving pieces around, expect a few squeezes along the way
i'm calling neutral for this chart but im kinda leaning towards the bearish scenario, the psyche levels of 6300 and 6200 are pretty important, so keep eyes peeled on these levels of support and watch for opposite from 6600 & 6800
The new Cycle of Power Indicator is showing a change from bearish to bullish conditions and the RSI coming into the overbought levels - this is shown by the change of colour of the line to grey
We also have a Death Cross on a 55/100MA that has just formed
So very mixed signals for bitcoin starting this week, if the 0.618% fib level holds and some buying momentum takes us up over 6800 during the week, then we may see some gains and be good for longs, firstly 6400 need to be broken and established as a floor support and solid buying action as the week starts and then going up to 6600 and above....
IF the 0.618% fib level breaks (currently around 6180 area) then most likely we will be back in power with the Bears and price will come down to touch just below $6,000, even going as low as 5800 area, now if buy support is strong and this does play out we will examine the market after we see the moves that start the week
weekday markets open 10pm GMT +1, so get used to checking the price and movement once the institutions are back on the board and moving pieces around, expect a few squeezes along the way
i'm calling neutral for this chart but im kinda leaning towards the bearish scenario, the psyche levels of 6300 and 6200 are pretty important, so keep eyes peeled on these levels of support and watch for opposite from 6600 & 6800
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looks like it was BREAK!onto 8300+ if 7800 resistance is broken
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