Bitcoin Bears Back In Control

Published 01/10/2018, 09:45 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Weekly Chart

Bitcoin bears back in control targeting 13800/700. A break below here is an added sell signal initially targeting 13200/100. Below here look for 12600/500. A break below 12300 tests 2 week lows at 12050 before the 3 week low at 11160.

Bulls unable to gain control of this market despite a good attempt at the start of this week. Only above strong resistance at 15400/500 is less negative but we need to stabilise above 16400/500 at least, for the bull trend to resume. It would be encouraging above the recovery high of 17300 of course and allows a further recovery towards the all time high at 19550/666. However we still have double top rib here. Longs could panic out on the way to this resistance, seeing this as their last chance before a collapse. Bulls need a clean break above 20,000.

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