A simple chart can tell you so much, without indicators and other tools, sometimes the view can be so clear.
Taking a look at $btc we see the first challenge it needs to overcome is the last high at $52k which was in late august.
After we close above that price on the weekly chart we can expect to see $60k btc. Again, we will battle that area and upon close above there we will surpass the last ATH and create new highs!
However if we fail to close above $52k this week, we can expect some short term retracement.
- Line charts are crucial in determining direction of price, as they represent the closing price.
Taking a look at $btc we see the first challenge it needs to overcome is the last high at $52k which was in late august.
After we close above that price on the weekly chart we can expect to see $60k btc. Again, we will battle that area and upon close above there we will surpass the last ATH and create new highs!
However if we fail to close above $52k this week, we can expect some short term retracement.
- Line charts are crucial in determining direction of price, as they represent the closing price.