Bitcoin Market Update 7/11
Hello traders,
Here's a side by side daily and weekly time frame of BTC against US Dollar. As you can already tell we have been consolidating for the past few weeks, which looks like btc is getting ready for the next leg higher.
On the weekly time frame we have a huge indecisive candle formation which we have failed to break above, and currently sitting on a support region of around 11500-11800 which I have highlighted. As long as we stay above this weekly support region, BTC could shoot up for another leg higher towards the likes of 16000-16500.
The daily time-frame however gives out a different perspective, as you can see we anticipated a big sell-off while trying to break the 13000 level, thus causing a formation of a some-what 'double top' pattern. We are currently sitting above the daily support area from where we could give it another try to break higher, but a break below of this support could result with a short term stop hunts towards 11000-11200.
Here's a side by side daily and weekly time frame of BTC against US Dollar. As you can already tell we have been consolidating for the past few weeks, which looks like btc is getting ready for the next leg higher.
On the weekly time frame we have a huge indecisive candle formation which we have failed to break above, and currently sitting on a support region of around 11500-11800 which I have highlighted. As long as we stay above this weekly support region, BTC could shoot up for another leg higher towards the likes of 16000-16500.
The daily time-frame however gives out a different perspective, as you can see we anticipated a big sell-off while trying to break the 13000 level, thus causing a formation of a some-what 'double top' pattern. We are currently sitting above the daily support area from where we could give it another try to break higher, but a break below of this support could result with a short term stop hunts towards 11000-11200.
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