Bitcoin - Weekly Chart and Important Trend Lines

If we look at the weekly chart, we can see that the price is at important trend lines. We could draw them using different swing highs. That's why I decided to put two trend lines which now form a resistance zone with 4000.00 resistance level.

The price bounced from SMA200 and made an upward movement. We got many small candles telling us that bulls are not so strong yet. Anyway, the market also could not break SMA200 and move lower. It tells us about the weakness of bears.

If the market can "see" these downtrend lines, the price action at 4000.00 level will be very important for further market movements.
Based on the daily chart, we got the confirmed trend reversal signals. We have a structure which tells us about the beginning of a new uptrend. As for the weekly chart, the upward movement will be confirmed, if the price can move above 4000.00 resistance and break the downtrend lines. From that moment we will be able to talk about the continuation of the uptrend if you measure it using SMA200 as the main trend line. In another way, we will get a signal confirming the trend reversal from bearish into a bullish or sideways.

For confirmation of the strength of sellers and further falling, the market will have to break SMA200 and 3000.00 support level. But I'm not sure that we will have fundamental reasons for this. At least now we don't have any strong signals supporting the downward movement.

Let's watch for the market during the next week and follow the main signals!