New yearly low - what's next for Bitcoin in coming months

Bullish thesis: I'll be slightly bullish if the red rectangle (6350 to 6700) is reclaimed followed by a weekly close through it (impulsively/cleanly). I'll be convinced enough to remain bullish if we have a few consecutive weekly closes above the red rectangle .

Bearish thesis: Last weekly support is 5464. A weekly close through this level means we are going lot lower down towards the green rectangle (between 3660 to 4240)

Please note that the analysis is based on weekly chart and could play out within weeks/months NOT days.

Bình luận:

Bearish thesis played out. Price hit green rectangle (3600 to 4240) with precision.

Weekly close down through this rectangle means we are heading towards the 2nd green rectangle (2250 to 2600).

Maximum upside target for medium term would be red rectangle/ broken support level between 6350 to 6700. Only a weekly close through this level up means we can move higher.

Bình luận:

Weekly OB has been acting as support for more than 2 weeks now.

Also, the trading range for the past 12 days has been within the weekly OB

Standing by the the same thesis/update as posted on 20th November 2018: Weekly close down through this rectangle means we are heading towards the 2nd green rectangle (2250 to 2600).

Maximum upside target for medium term would be red rectangle/ broken support level between 6350 to 6700. Only a weekly close through this level up means we can move higher.