Bitcoin (BTC) analysis and commentary next week
Thus, for 3 consecutive weeks we have seen the W candlestick in the form of an indecision Doji. Price still closed above the EMA, just below the strong supply of 30,000-32,000. It is really difficult to know the next direction of BTC. However, I personally do not choose to buy at this time for 2 main reasons:
Liquidity is too weak.
The price is too close to the strong supply zone.
In the 3D frame, you can see peak divergence when the price creates a new peak that is higher than the old peak, but RSI creates a new lower peak => We should not long at the current price but should wait for the price to adjust. This comment is similar to last week.
Plan Short
From the two observations in the W and 3D frames, we can expect the price to bounce up, sweep the stop loss, create a fake-breakout and then penetrate back below the resistance => short when the price re-tests.
In addition, if you see the price dumping below the sideway zone, you can scalp lightly long according to the 4H frame:
BTC.D
Similar to BTC, BTC.D is also sideways right below a strong resistance. Therefore, in this period, although BTC is sideways, Altcoin is still very difficult to have a good increase.
