An interesting update on the BTC charts this week, with a new 1 week, 10 day, 2 week and 3 week candle formed we have multiple new levels of resistsance / targets of sniper entry shorts.

Starting off here with the 2 week chart we can see that the next level of resistance to pass through is still the minor resistance zone of $5,427 – $5,759, however now we have moved the 3 week 20 day Moving Average down to $5,879 (last week it was $6,000), however we still have a substantial 3 month 10 day Moving Average of $6,000 which is also a key psychological level where many people will be looking to exit longs and enter shorts.

We can also see that the current two week candle has already tested the 20 day Moving Average support and is rejecting upwards inline with last weeks prediction. Market volume has lead to some indecision and low volume movements, however the “fundamentals” i.e. the FOMO news is relatively strong right now, which is completely wrong (people calling bitcoin hitting $1m in 2020 etc) But regardless, the unadvised, the people who follow news are sucked into the hype leading to high volume pumps

Because there is likely to be a high volume pump due to FOMO, we could see bitcoin spike substantially, there is two targets that it could hit depending on how much volume / FOMO news we see (or don’t see because its not necessary to follow news, because its just someone’s opinion, technical analysis is something different entirely)

So, on the 2 week chart we can see the upper Bollinger Band sits at $7,475 – this is a very possible target over the next two weeks if we see substantial FOMO volume. However, this is HIGHEST possible price will reach before a huge correction to the downside before the close of the current two week candle.

Lets step down onto the 10 day chart chart to take a closer look at other possible short entries / long exits.

The new 10 day chart gives us another short entry target, however it depends on the FOMO volatility. We can see the Upper Bollinger Band on the 10-day chart is $6,326 which is inline with a major horizontal support level that Bitcoin broke through back in November 2018. Remember that support and resistance are always tested – this push up, is simply a test of broken support before bitcoin continues to fall to previous all-time high prices of $1,250 later this year.

So what dos this 10 day chart tell us in relation to the two week chart target of $7,475? – The day chart suggests that the short entry target is in fact $6,326, however! This as I mentioned completely depends on the hype, the volatility, the FOMO within the market, which is rising. So with that in mind, there is a potential spike up to $7,475 (This is where I have my long exit position and short entry position already set incase that spike happens) But for this to happen, and still respect the 10 day chart, we would have to see Bitcoin spike to $7,475 and then sharply reject down to close the current 10 candle below or at $6,326.

We can also see from the 10 day chart that the last 10 day candle tested support and closed above the previous 10 day close, implying further movement upwards for this 10 day candle.

Lets step down to the weekly chart.

Again, the weekly chart shows the previous large impulsive movement upwards, which closed above the upper Bollinger band, hence overvalued at that time. The following week we seen an indecision candle which tested the upper band as support. Last week Bitcoin again pushed down but failed to create a new weekly low, and closed higher than the previous indecision week. We can also see that price is now trading within the Bollinger Band, suggesting that price is no longer overvalued, and the indecision in the market has faded – we can see that price is “hugging” the upper Band, which suggests we will see a continuation in this pattern, with a potential large implusive movement upwards right through the minor resistance zone to either our 10 day Upper Bollinger Band target of $6,326 – which we can see is perfectly inline with a resistance level highlighted on the left. However, remember that Bitcoin could spike to the 2 week Upper Band resistance of $7,475 before rejecting sharply down below or at $6,326 over the next 8 days.

Lets see how this looks on the daily chart.

In order for Bitcoin to spike up the 2 week upper Bollinger Band resistance of $7475 it would have to be some substantial movement, a 50% increase in price, which admittedly is unlikely, thought definitely not unheard of in the crypto market at all. So very possible, especially with the current amount of FOMO news on the radar. But, in order for this to still remain a down trend, we would have to see a rejection down from $7,475 closing below or at $6,326 as previously mentioned. Which again is possible.

The second movement upwards is a smaller movement, which falls more inline with the previously impulsive movement upwards. If this is the case, we could see bitcoin still move upwards, but at a slower pace over this week, closing and stalling around $6,326.

We can see that the actual candles are creating higher highs and higher lows, testing and bouncing above the 9 and day 10 moving average on the daily chart – as these are now close to crossing over, very tightly bound together, but BTC is creating higher highs and higher lows, the daily chart also suggests and impulsive move the the upside is coming very soon.