Sulianto Indria Putra: Bitcoin Weekly Close: Momentum Slowing Down.
About 24 hours ago, Bitcoin closed the week at $86K. This is an awkward level for Bitcoin to either resume its run-up or continue dropping.
In terms of momentum, we’re seeing no breakout in the weekly chart’s range. Bitcoin did not form a new high or low on last week’s candle. This suggests the possibility of a temporary weakening in momentum.
This is also supported by the stochastic indicator, which shows that Bitcoin is in overbought territory.
There is a possibility of a retest of the red box within the next 1–2 weeks. This would represent a potential 3–5% drop for Bitcoin from its current range.
$BTC #ETHUp70%InQ3ButLiquidityFalls #BTC
About 24 hours ago, Bitcoin closed the week at $86K. This is an awkward level for Bitcoin to either resume its run-up or continue dropping.
In terms of momentum, we’re seeing no breakout in the weekly chart’s range. Bitcoin did not form a new high or low on last week’s candle. This suggests the possibility of a temporary weakening in momentum.
This is also supported by the stochastic indicator, which shows that Bitcoin is in overbought territory.
There is a possibility of a retest of the red box within the next 1–2 weeks. This would represent a potential 3–5% drop for Bitcoin from its current range.
$BTC #ETHUp70%InQ3ButLiquidityFalls #BTC
