Weekly Analysis| Buying patterns under construction

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Good Day Bitcoiners,

After the previous retracement from last week now the price is reacting in a positive way and buyers are leading the positive movement that so far is trying to build buying patterns for weekly and 3 days chart in roder to penetrate the $710,00 area which at this point is more an obstacle than a target.

The $710,00 is definitely more an obstacle than anything else and the up trend from previous weeks just manage to put some sellers away and at the same time is giving the price an opportunity to find a reactions from the buyers with up trends trying to deny previous correction and keeping the momentum in order to build the buying patterns in the major time frames.

The 3 days chart shows a major formation that can become a new Higher Low which is very similar to the one that is in construction on the weekly chart. Both time frames can build powerful conoslidations to push the price towards $683,26 before it continues with the up trend to penetrate $710,00 and find room to continue with the trend towards higher areas intraday.

Now, in the daily chart we see a price reacting right from the SMA 200 and it seems like it will use that area to build a new area of support to help the other major time frames until the buying patter bring more buyer volume into the market.

During the next few days we might experience a sideways trend intraday with price fluctuation in between supports and resistance which can trigger opportunities in small time frames using areas like $621,00 and $635,88 as the new target during the intraday session if the volume comes into the market.

The challenge for the buyers is not easy and the reason why is because they have to convince the rest of the participants that the future consolidation can bring solid opportunities so the buyers volume can appear one more time and the $683,26 and $710,00 will be areas to visit in roder to build future patterns to maintain the bullish momentum that the price is building right now.

This is the Weekly Analysis.



About the author

Lucano

With a background in Technical Anlysis and a combined passion for travel and international business, Fred Mazo settled in Costa Rica where he met his wife. In Costa Rica, Fred became one of the first members of the Reditum European Trading Room where he was employed as a trader specialising…

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