In my last Bitcoin chart, I covered the monthly developments in the Kraken XBTEUR pair. Currently we're one week away from the end of the year, and closer to get more clues about the recent developments in price action. After this week's close, I'll be able to determine the direction in the short term, and after the monthly/yearly close, I'll have a much clearer picture of the main trend's progress.
On demand from one of my followers, I used weekly bars and overlaid them with the MTPC indicator, since it provides us with an 'inside scoop' on the monthly price action while the bars are developing. Right now, Rgmov is in a strong uptrend in the weekly and next week is decision week for Bitcoin. If we don't see price move past 457.02001 in one week, it'll be of moderately high probability to see BTC price slump and head a bit lower in the intermediate term. I'll update this one when relevant.
Cheers,
Ivan Labrie.
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The chinese induced retracement will give us more clues after the weekly close. I expect lack of follow through for bears, prematurely speaking.
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On track.
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New uptrend signal emerged from the weekly. Target is close to 600 euros.
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Stopped and flipped short at our stop loss. Now out of shorts and price at support...buyers in control for now.
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It's good to see I was spot on. Hope someone benefited from it.