Weekly Review
Bitcoin has had a bullish week, especially toward the end. We had a huge move pushing us to new highs that we haven’t seen since the 17th of January. currently we have a buy signal on the daily chart with a bit of bullish movement still speculated to be seen in the coming week. I believe that we will see a consolidation around the 48000 price point. Of course there is always the possibility that we will have further bearish momentum but I believe that rally has ended. If however it hasn’t then seen lows around the 32000 level should be expected as the next level of lows.
The Hourly chart is showing that the price action has been sideways, so much so that I can say that I don’t remember the last time i’ve seen Bitcoin so uniformly sideways in a while. The MACD is looking as if whatever bearish momentum is fleeting which leads me to further believe that the pair is heading to further its bullish rally. This coming week should be exciting to see what takes place. Any trades will be called out on the discord group.
Weekly Review
This week has seen several amazing trade opportunities. Going forward all trades and alerts will be announced on our Discord group under the community name “Barnett, LLC”. We are offering a 3 day free trial prior to full membership for those who wish to test out the service first.
On the Minute Chart we were able to see a great deal of support and resistance trading making Fib a key contributor to a lot of trades being successful. There was also a great deal of consistently trending moves which always helps to spot the end of a trade.
The Hourly chart still shows a bearish sentiment; however, price has been rallying to the upside enough that we should expect to see the pair back into a solid Bullish trend by the beginning of the upcoming week. As of time of writing price has just broken through both the 200 & 400 WMA signaling further bullish action.
Lastly, for the Daily chart we are seeing price rebound from it’s retracement of the 69000 high and seems to have found its bottom at 32933. If this holds and acts as a level of support then we could expect to see a push higher to around the 51000 level, if not then we should expect a significant move down to possibly even the 18000 level. I am optimistic that we will see further bullish momentum so now may be a good time to buy and hold.
Weekly Review
This week was a further continuation of the bearish momentum which we observed last week. At the time of writing we have seen a new low of 36128.00 which hasn’t been seen since July 25th of the year prior. There appeared to be some consolation around the 41000.00 - 43000.00 level however that has since been broken through with the newer lows. Our next price target for lower movement would be 34000.00, I have no indicator as of currently that would point to any bullish sentiment being in play.
On another note, I would like to mention that this seems to be the cycle for bitcoin, substantial highs (referring to the 69000 which was reached this past November) followed by a substantial retracement. Seeing a 50% retracement and beyond wouldn’t not be unheard of, but it would most certainly be a good time for those who would like to get into the market to start keeping an eye on the coin. As stated earlier however, there is nothing as of currently that leads me to believe that there is any upward movement right now.
