Another week and we find Bitcoin pushing lower, getting ever closer to the area I've been watching for weeks. Let's take a look.
Bitcoin Weekly Chart
Not much has changed on the weekly chart, though it's worth pointing out that $10,200 has now been flipped to resistance and I will continue to lean short-term bearish as long as price remains below. Meanwhile, it was another red week for Bitcoin and the weekly 21 EMA is starting to look like a magnet drawing Bitcoin down. That being said, BTC still hasn't lost the weekly support range and I wouldn't rule out a bounce from this region to test the lower $10,000's before moving lower. Game plan is pretty straightforward - buy heavily at the next weekly support which spans $8,200 - 8,450 and lines up with the weekly 21 EMA and the 0.5 fib of the entire move up so far. I'll also likely place small bids in the higher $8,000's in case this region is front-run. If Bitcoin loses $8,200 my strategy is to average down unless price structure looks particularly bearish. Meanwhile, if price never breaks $9,000 I'll watch and let price develop but don't see a bullish scenario unless price closes above $10,200 and $11,000.
Support: $8,200-8,450, $9500
Resistance: $10,200, $10,800
That's it for this week - the weekly really tells the story right now. If you want more regular content, be sure to follow me on Twitter.
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