BITCOIN ANALYSIS - WHICH WAY WILL PRICE GO OVER THE WEEKEND?
SUMMARY
Today proved to be another difficult day for investors and traders as price was unable to push higher to retest the resistance of $7,800. Instead we saw price reject the 200ema at the $7,700 level and fall lower towards the support at $7,200. The weekends often have low volumes and far less movement then the week days so i am expecting prices to stay around the $7,250 - $7,400 area.
If we go down to the 4hr timeframe we can see the clear rejection price saw as it tested the 200ema, forming a strong bearish engulfing candle as soon as price touch this area. Today also saw price find its feet at the $7,250 region, i expect we could see prices fall to around the $7,200 later today and really testing the strength of this support level.
Where do you see prices going over the weekend? Leave your thoughts in the comments!
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