بتكوينبيع
Bitcoin 1W - Looking Bearish
We just had a bearish pin bar close on the weekly - showing strong rejection not only from the key $6900 level, but also from the whole range above $6000.
This indicates a strong possibility of more bearish price action, as bulls are looking tired.
Close was a bit higher than last week, but still respected the same general $5900 level.
My bias here is bearish. Seems like a smart idea to look for shorts here, as HTF biases have a high % probability of playing out.
A close above $6900 would turn my bias into bullish, but this honestly seems unlikely now. BUT, bitcoin being bitcoin, there's a decent chance it will happen, even with signs of supply being much higher than demand at the 6000s range :).
A new close above $5900 would turn my bias into neutral - indicating that a new weekly range is forming. Of course, it would depend on how the candle is printed.
Next level of support: $5300-5400.
This indicates a strong possibility of more bearish price action, as bulls are looking tired.
Close was a bit higher than last week, but still respected the same general $5900 level.
My bias here is bearish. Seems like a smart idea to look for shorts here, as HTF biases have a high % probability of playing out.
A close above $6900 would turn my bias into bullish, but this honestly seems unlikely now. BUT, bitcoin being bitcoin, there's a decent chance it will happen, even with signs of supply being much higher than demand at the 6000s range :).
A new close above $5900 would turn my bias into neutral - indicating that a new weekly range is forming. Of course, it would depend on how the candle is printed.
Next level of support: $5300-5400.
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