Bitcoin: The Big Picture from the Weekly Timeframe

Let's look at the whole picture using the weekly chart.

The price could not break the main downtrend line. We can say that we got a false breakout as the price moved back below the downtrend line.

At the same time, we can say that the market is bullish, in spite of lower swing highs and lows. The price is above SMA50, which is above SMA100, and all together, they are above SMA200.

We have a bullish market where we had a correction period. The market is trying to continue the uptrend, but for this, the price must break the downtrend line. It means that the price action at the downtrend line is very important for the further market movement.

If the price bounces, we will be able to see a new correction wave to SMA100, SMA200, and even to the bottom line of the triangle chart pattern. The breakout and staying below SMA200 as well as the breakout below the bottom line, it will give us a trend reversal signal and the market will be able to become bearish.

In order to get the solid confirmation that the uptrend is going to be continued, the price will have to move above the local swing high at 10000USD. The price will have to break the downtrend line one more time and stay above it. Probably SMA50 will be a possible support line after such a breakout. But where are active buyers? Where are the volume and the demand for Bitcoin? Without it, it is too naive to think about the journey "to the Moon", even if Twitter's feed is overloaded by Skywalkers.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.