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Bitcoin Weekly Chart Analysis
- Last week Bitcoin closed with a green candle that completely engulfed the previous weekly yellow candle. This makes up the pattern (you can check the "related posts" for additional information on this pattern).
- We have the ADAM & EVE bottom formation, which I drew with some green arrows.
- The is showing a young crossover with the histogram turning in favor of the bulls.
- Price bounced (last week) before reaching MA200 (black line) which is a signal of strength. If Bitcoin were looking down now, it would at least challenge this , but it didn't.
- On a break to the upside, Bitcoin can easily test EMA200 (orange line) sitting at $4141.8. In order to challenge this , EMA10 ($3905.5) needs to be broken first.
Conditions for change: If Bitcoin fails to follow up on the pattern and breaks down, you can expect it to first find support at $3405.3 followed by $3342.1 (BitFinex). These levels are marked by the last low and MA200.
My view: I believe that Bitcoin will break to the upside from late Wednesday to Saturday this week. There can be small retrace/correction before this happens with a 100/150 points swing. This can be seen on my XBT LONG trade chart:
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Where do you think Bitcoin is headed next?
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NAV Coin (NAVBTC):
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If you have any questions or need an update on any altcoin feel free to message me or leave a comment... I will be happy to assist.
Solve.Care (SOLVEBTC) is facing resistance right now. This one too can generate some massive earnings, but highly manipulated so make sure to have a trade plan if you go in it:
We are looking good on the weekly. EMA200 is the resistance to break.
Bitcoin tried to break this resistance 5 times in the past 4 months without success. A close above this level will signal good strength for the bulls.
Weekly candle closes in 28 hours.
Here is the chart:
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Thanks for the comment.
Thanks for the comment... Se you around.
I thought id just compile all that into this-