BITCOIN ANALYSIS - WHAT WILL NEXT WEEK HOLD?
SUMMARY
As expected the weekend saw very slow movements within the crypto currency market, with prices ranging between $8,060 - $8,310. Price consolidated mainly around this area for the majority of last week, unable to breakout of this range and continue its movement. This could be a very good thing, as consolidation within a strong area can often mean price is slowly gain strength and will eventually breakout, which way is breaks out is still hard to speculate.
When we go down to the 4hr chart we can see the clear consolidation and range that price is ranging within. Late last week price broke to the downside but it was only momentarily, with price being rejected at the $7,800 region and quickly shooting back within the $8,060 - $8,310 range. I wont be actively trading BTC until it clearly breaks this range. If price can break to the upside and close above the major psychological level of $8,600 which i believe it will, i will be waiting for price to push higher and wait for a 50% pullback or full retest of the $8,600 level before place a long position.
Congratulations @stevewakeham332! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!