Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
1W canle doesnt look too pretty, we still might have another shakeout upon us.
I am shaking in my boots just thinking about it.
How low do you think we might be shakened out?
Perhaps lower $63ks or worse mid $61ks?
This is pretty much all I see right now and where the accumulation based volume support lies, even on longer-term time-frames.
I wouldn't even consider it a fake-out either, this would just be a 4% correction from current prices back to support.
That said, as long as price continues to make higher lows and higher highs on smaller time-frame, then there's also nothing suggest this support level will be re-tested again.
That would really suck.
Why would it suck? The longer price consolidates above support and local accumulation zone, the stronger the up move can be.
I also wouldn't consider the Weekly close as bearish, it was the highest Weekly close Bitcoin has ever had, negating the doji reversal look it had earlier in the week.
Sometimes a line graph is nice to look at to ignore the noise, Price has consistently increased for the past 3 weeks now, without being overbought either.
