Last night I was looking at the weekly chart of bitcoin and chatting with other crypto investors on the steemleo discord server.
I pulled up a weekly chart of bitcoin and pasted it in chat and said “who would buy that chart?”
At the time bitcoin was at 11,300…..I woke up this morning to see exactly why I said that as we have seen bitcoin (and others) sell off hard in the past 8 hours.
Kidding aside, it screamed don’t buy me yet
Looking at this chart you can see the reversal candle from a few weeks ago that the bulls decided they were going to to and trump and nearly did so. However, price was not able to breach that prior high at 13,900 and rolling back down price came.
Now this week’s candle is set to close in about 8 hours and has an ugly upper wick and room on the down side with support at 9,800 and the 10 period moving average still far away, currently at 9,200 and likely to move up to 9600 or so with the new candle.
Alot of signs saying price will test 10K again.
This is not to say one should have sold out or shorted last night….it just goes back to the title of this post:
“Who Would Buy That Chart”
If you want to learn how I read charts and the three simple things I use to trade crypto check out my scaredycat to investing in crypto videos. They are free to watch and are not on youtube.