On our last breakdown of BTC USD we stated that we would see price action to highs of 10,200$ before seeing price action to 8,500$ and this was stated when BTC was trading at 9,632$. However, highs were only achieved to 10,020$ and it was warned that highs would only be to 10,000$ in later parts of the analysis looking at more minuscule time frames.
THIS WAS WHAT WAS STATED AT THE END OF OUR BREAKDOWN LAST WEEK WITH PRICE TRADING AT 8,768$:
- On the weekly, we can see that we have just wicked above the weekly resistance drawn on chart and now we are facing resistance from this level, with the previous weeks candle becoming a candle. This would tell traders that we would see continued price action to the 8,200$,8,000$ and finally 7,700$ price levels for support.
- On the daily, we can see price action to 9120$ before price action takes charge once again to break the 8,600$ . support lays at 8177$ and this means we all probably see some price behaviour evolve from this level but it will not be strong price action.
- Again, on the 4 hourly, we can see that it would not be silly of us to expect a move to the 9000$ level at the least before price action sets into the market once again.
- On the hourly, we can see the same price action to the 9,000$ price level at the least before any price action down to the 8,200$ .
To conclude, the bulls will have a brief rally before the bears send them to hell.