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Bitcoin Order Block Analysis
Bitcoin looks to be in a long-term order block and has seemingly bounced off of support at around 7000. If Bitcoin closes thee weekly candle above the top of the current order block (light green) around 8245 ideally 8522, there is a good chance it will run up to test the mid-term order block (red box) at 9578.
However if the weekly closes below 8245, there is a good chance we will test the short term order block (darker green box) at 7500 and see if support holds there. I'm currently in a long from 7650 so I'm going to mark this Idea as a long, but I'm pretty neutral since the next movement seems to be dependent on how Bitcoin closes the weekly out tomorrow.
However if the weekly closes below 8245, there is a good chance we will test the short term order block (darker green box) at 7500 and see if support holds there. I'm currently in a long from 7650 so I'm going to mark this Idea as a long, but I'm pretty neutral since the next movement seems to be dependent on how Bitcoin closes the weekly out tomorrow.
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