BTCUSD update

BTCUSD update

We have clear weakness on background.
By SLKT at round numbers at ND+SB sequences, chart tells – the bears have control over 7200 area.

What we got next?

  • 1/ Panic Bar. Too much volume – Hidden support around 7020
  • 2/ It was a good time to resume bearish attack on 7020 level, but what chart tells…
  • 3/ No Supply pressure. Bears are not ready to attack soon.
  • 4/ And the up-move followed next. it was very quick and culminated in the form of…
  • 5/ ..SLKT above 7200. Bears confirmed their control over 7200. This SLKT should get more power to bears to fight against 7020 support.
  • 6/ Another sequence of ND+SB.
  • 7/ This bar could be interpreted as the EVRB. Too much efforts (volume) – and too small result (price change). Support still exists around 7020.

What is next?
The most rational expectation – a continuation of persistence of bulls and more attacks on the 7020 support level (caused by major 7k figure).

Do bulls have arguments? I see them on the Weis Wave indicator.
Compare volumes on waves A and B (note, wave B has not finished yet). If wave B will be finished with the lower volume than A -> it should signal about exhausting of selling pressure. In this case, bulls should take dominance and attack 7200 ZOW.

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