Hello all traders, here it's the analysis and the chart work of bitcoin after the weekly candle closed.
After the 7 days of waiting the volatility that occurs in the market, finally we've seen the weekly candle closes. With another uncertainty occur in this zone. The weekly candlestick closed with a type of long legged doji which represents a big war between the bulls and the bears side and the price closed near the open price which means another neutral zone is in play.
The second thing that we might remember is that the 1 week candle closed inside the down trend channel which indicates the bears are still holding well the momentum. The other sign of the uncertainty remains in the RSI as one of my favorite indicator which is now trending between the 40 - 60 level which is the neutral area based on the RSI rules and guideline.
Although the MACD is having its golden crossover but, I think that this won't give any effect on the future movement of the market. When the histogram doesn't tick within a wide range, usually there will be a consolidation movement to come.
I will stay neutral for current market bias especially in the next 1 or 2 weeks for the middle term purpose. But for the daily and intraday time range, I have my own criteria for possible trade set up which I've shared on my previous idea about bitcoin.
After the 7 days of waiting the volatility that occurs in the market, finally we've seen the weekly candle closes. With another uncertainty occur in this zone. The weekly candlestick closed with a type of long legged doji which represents a big war between the bulls and the bears side and the price closed near the open price which means another neutral zone is in play.
The second thing that we might remember is that the 1 week candle closed inside the down trend channel which indicates the bears are still holding well the momentum. The other sign of the uncertainty remains in the RSI as one of my favorite indicator which is now trending between the 40 - 60 level which is the neutral area based on the RSI rules and guideline.
Although the MACD is having its golden crossover but, I think that this won't give any effect on the future movement of the market. When the histogram doesn't tick within a wide range, usually there will be a consolidation movement to come.
I will stay neutral for current market bias especially in the next 1 or 2 weeks for the middle term purpose. But for the daily and intraday time range, I have my own criteria for possible trade set up which I've shared on my previous idea about bitcoin.
