Bitcoin Weekly: The Power of Volatility

One resistance level left before entering price discovery

Big Picture

  • Bitcoin closes the week at $15,360, the third-highest weekly close.
  • Volatility is back and bitcoin is moving around $724 per day.
  • Indecision rattles the market, but volume begins to decrease.
  • Lower volume coupled with a slow-down in momentum leads to consolidation.
  • But, beware of big whales

Key Price Levels

Weekly Key Price Levels

  • Support: $13,899
  • Pivot Point: $14,812
  • Resistance: $15,407

Monthly Key Price Levels

  • Support: $12,057
  • Resistance: $15,738

Bitcoin Strolls through US Elections

Bitcoin is fragile, but higher lows and lower highs indicate a consolidation
If On-Balance-Volume breaks below 1.683 due to lower volume, the price will follow

What’s Next?

Momentum remains bullish, but bitcoin can quickly become overbought

Trading Strategy

This strategy bears risk, DO YOUR OWN RESEARCH

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Cointer

Cointer

11 Followers

I’m Cointer a crypto enthusiast who likes to kick off the week with a weekly bitcoin analysis.