$BTC - Bitcoin Weekly Update

The last two weeks have been good for bitcoin with some steady overall gains, and this eek we are staring with a slight retracement. However, I have a cause for concern for the long term aspects of Bitcoin at this time. The 5737 support line has been touched many times in the past and over the last month. I have a triangle drawn on the weekly chart here and my concern is that if we remain within this triangle for the next few weeks as we come to the apex we could find ourselves in a heavy decline or breakdown. As you can see the weekly candles are getting smaller and we have consolidation happening in the long term. If this continues, we may be in a descending triangle formation for the long term outlook. There is a lot of long term resistance we have to break in order to avoid this pattern from occurring. First we need to break and hold 7k. That hasn't happened in over a month. This is the first step, a big step. Two you can see we have had some heavy resistance against the 10 period, yellow line, and 20 period, red line, moving averages. These also have to be broken and held, then ascend through the triangle upwards. RSI is at 44, a bearish signal and declining and the weekly Volume Moving average has been declining steadily.

I know people do not like bad news when it comes to bitcoin, calling it FUD, but numbers do not lie. The chart itself shows the candles in a decline. Lower highs and lower lows, but this is the state of bitcoin for the long term. I am still in the game adding more fiat to my accounts ready to buy in and continue averaging down if i have to for i believe money is there to be made. Crypto is not going anywhere, were just overall bearish at this point so you play the market bearish. Buy low, sell at spikes, accumulate more wealth, you just have to be careful and wary of your trades. Be mindful and watchful every day.