Bitcoin - Important Signals From The Weekly Chart

The price reached SMA50 which acts as a resistance line. We can see the previous two weeks when the market moved in a narrow range not far from this line. Such price action at the possible resistance zone gives us information that the market took a rest for some time. We have a period of consolidation which can give us a reversal signal or a continuation signal.

If we look at the indicators, we will be able to get several bullish signals. They are following:
- MACD histogram supports the upward movement
- MACD lines support the upward movement
- RSI gives a bullish signal
- DMI is bullish
- ADX line moves upward telling us that buyers become stronger.

These bullish signals are good for buying but we still have strong resistance lines and level which the market must break in order to move higher.
The 1st resistance is SMA50. It's not so strong but it also can stop the market. We will have to watch for the price action at this line during several weeks.
If the price breaks it, the next resistance will be at 6000.00 level which should be a very strong level for the market. It acted as the bottom for a long time, and the market will need solid reasons for breaking it.
If the price can do this, the next resistance is SMA100. Will the market be able to pass this resistance from the 1st attempt? It's a good question.

Also, we can think about the zone between 5600.00 and 6400.00 as the resistance zone. Will the market be able to pass it without a correction? Share your thoughts in comments. The market looks bullish in the long run and the correction could be a good part of such uptrend. The best zone for buying still is at the main uptrend line, it's about 4200.00 - 4000.00 levels. If we talk about proper trading, long positions should be opened after the correction from the uptrend line based on a reversal signal.