Bitcoin price/trend weekly analysis: Bearish or Bullish?
Bitcoin respects weekly MA20. If trend is bearish, MA20 is a resistance. If bullish, it's support. We know we are bearish for a while. You can also see the resistance and support lines I drew. Bitcoin did not BREAK weekly resistances for a while. If there is a trend reversal, we can expect to see $5960 - $6100 and if resistance breaks, first targets are at least $7500 - $8100 and $10000
And; if Bitcoin breaks the resistance level and MA20, I'm expecting to see the highest price of the year or maybe all-time high. For the confirmation of this rally, low price of the week must be over MA20. Which is not going to be next week as you can see. But wait; this is Bitcoin... Also; if we reach over MA20 and if the Low price closes the week over MA20, life can change!!!
For now, we are in a critical level. This doesn't mean we are going to be bearish (or bullish). Not yet! I will update this post.
Disclaimer:
The information provided is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.
-Atilla
And; if Bitcoin breaks the resistance level and MA20, I'm expecting to see the highest price of the year or maybe all-time high. For the confirmation of this rally, low price of the week must be over MA20. Which is not going to be next week as you can see. But wait; this is Bitcoin... Also; if we reach over MA20 and if the Low price closes the week over MA20, life can change!!!
For now, we are in a critical level. This doesn't mean we are going to be bearish (or bullish). Not yet! I will update this post.
Disclaimer:
The information provided is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.
-Atilla
I know Kung-Fu!
Pattern: Bearish Pennant