Bitcoin prices have hit a key weekly demand zone and the momentum on the daily timeframe has shifted towards the upside because the supply zones that have been keeping prices down for Bitcoin have been taken out.
As you can see the trend on the daily timeframe is now bullish, however, we have just hit our first weekly supply zone that will be a major obstacle for bulls to overcome. If Bitcoin prices are able to breakthrough here, then we might be witnessing another bull run for Bitcoin.
This idea is not a trading signal as prices have not yet blasted past this weekly supply zone (zone in blue). It's an idea to wait and see if prices can blast past this zone and if so, then enter the bull run from the nearest demand zone.
As you can see the trend on the daily timeframe is now bullish, however, we have just hit our first weekly supply zone that will be a major obstacle for bulls to overcome. If Bitcoin prices are able to breakthrough here, then we might be witnessing another bull run for Bitcoin.
This idea is not a trading signal as prices have not yet blasted past this weekly supply zone (zone in blue). It's an idea to wait and see if prices can blast past this zone and if so, then enter the bull run from the nearest demand zone.