Bitcoin Weekly Update: Three White Soliders (Ultra Bullishness)

AlanSantana Premium Updated   
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) printed the "Three White Soldiers" candlestick pattern on the weekly time frame.

Now, this pattern can normally be used as a reversal signal when it comes at the bottom of a trend, but after consolidation (blue on the chart) it can signal the continuation of a trend.

The above idea is supported by increasing volume .

  • So we have the "Three White Soliders" candlestick pattern after consolidation with good volume .
  • Market sentiment is now turning bullish , but with plenty of denial going on all around the place.
  • The altcoins market bullishness is another signal that the cryptocurrency market is in a position to continue growing.
  • Altcoins that tend to move inverse to Bitcoin are now growing as well.

Even with the above said, we remain open to seeing Bitcoin going either way, so I've marked support and resistance levels on the chart.

  • Brown dashed lines are for support levels.
  • Green dashed line is the main strong support (EMA10).
  • Blue dashed lines are for resistance levels (targets).

Where do you think Bitcoin is headed next?

Please share your thoughts on the comments section below.

Remember to hit like now if you want to show your support.

Previous analysis (Bitcoin on the daily time frame) - Common mistake made by all analysts...:

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