Today for the Bitcoin price and I’m looking at the bitcoin chart and something has come to my attention. Not only that it’s sunday and by the way apologies that I’m not coming to you with these regular daily updates. soon back at it again. But, of course, whenever it’s a crucial time like right now where the weekly candle is closing very soon. We are here on the daily candles right now, that’s, of course, when I have to talk with you and what we can see here is still this channel where Bitcoin is in.
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Then we had this potential ascending triangle which is by now already invalidated. The most important thing to hold was always this upward sloping support. The upward sloping support being the single most important level to hold.
What we can see on the daily right now for the very first time? In the last multiple month Bitcoin has broken two candles. We are having below the support right now. the question is what is the implication for the long term. Well, most importantly, of course, as always the weekly candles if we are going to the weekly, you can see that well. It’s not decided yet. We need to wait for the daily close but this is coming very soon and this would be happening. If we are closing above approximately around 40 000 US dollars give or take we can prevent this bearish close from happening. If we are closing however a daily candle below the upward sloping support ladies and gentlemen.
Let me quickly go back here. This could mean, maybe, we have to wait a little bit longer for long positions. This is all I’m saying I am having my own opening right here. This is a limit long order at 37 700 US dollars but I’m gonna close this one, of course, if we are getting here now a volume supported break to the downside on the weekly close, if the weekly is not closing, bullish or neutral – I’m gonna take this one back. I’m gonna put my limit by order.
My limit long order for Bitcoin is way lower and this is just something I wanted to tell you. I was getting ready here for a long position but I want to wait for the weekly candle to close. If it is closing bearish, of course, I’m still looking out for more long positions. They might appear a little bit lower than where we are right now.
Let me quickly see if the VPVR is working on this chart, unfortunately, not. I have to upgrade on this account, I forgot. I’m not even a professional on this account. The next buying area comes here in this traffic area. This traffic area comes in at around 35-36 000 US dollars. At least, so we need and this is the most important thing – we need to close.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/K_oPUGLR2lY