Bitcoin Weekly Price Action - 20/03/2020
Of course, it all depends on this weekly close.
But, for now, if it closes like this, I've got a neutral bias towards it.
While it shows strength - clean cut through an important resistance cluster (5600-6000), possibly shifting the market structure from bearish to bullish, with long wicks downwards singling strong demand at lower prices, this might just be a relief rally / bearish retest before things start going south again.
I'll change my bias to bullish if either we keep on moving and close above $7000, or retest the $6000 area successfully.
I'll change my bias to bearish if we close under $6000.
Until either happens, I'll remain neutral.
Of course, current macro scenario has big influence on this view - caution is needed. In normal times, I'd probably be bullish right now.
But, for now, if it closes like this, I've got a neutral bias towards it.
While it shows strength - clean cut through an important resistance cluster (5600-6000), possibly shifting the market structure from bearish to bullish, with long wicks downwards singling strong demand at lower prices, this might just be a relief rally / bearish retest before things start going south again.
I'll change my bias to bullish if either we keep on moving and close above $7000, or retest the $6000 area successfully.
I'll change my bias to bearish if we close under $6000.
Until either happens, I'll remain neutral.
Of course, current macro scenario has big influence on this view - caution is needed. In normal times, I'd probably be bullish right now.
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