Bitcoin Weekly Chart - To the Moon?

The weekly chart looks very nice for Bitcoin and it shows great potential for upward movement. In the previous post about BTC based on the weekly timeframe I wrote that the most important zone was at SMA100 and 5000.00 level. This zone still stays more logical for a trend reversal and as a starting point for a new uptrend. But we can see that the price reversed from 6000.00 level and moved upward. It was not too far from 5000.00 level, but still, the market could drop lower. Another important signal we have to note, it's bullish divergence formed by the price and MACD histogram. It gives us a trend reversal signal. Also the price broke the downtrend line and it can be considered as a confirmation that the correction movement is over. The market continues the main uptrend and the 1st target is 10000.00 resistance level . We will need a breakout and making a new swing high above the previous one. It will confirm the uptrend if we use Higher Highs and Higher Lows method. Of course for this model the market will have to make new swing low not lower than 6500.00 support level .

If we look at the indicators, we get following signals:
- RSI confirms the price reversal from 6500.00 support level
- MACD histogram confirms the upward movement
- MACD lines are going to support the upward movement
- DMI becomes bullish but ADX line still falls. For confirmation a strong upward movement and trend market conditions we will need to wait when ADX line rises above 20 level.

So, based on the weekly timeframe the market looks very interesting in long term. It's bullish and it has great potential for upward movement. Will this potential be realized? We'll see, it will depend on who or what will act against Bitcoin and this new uptrend. Whales, manipulators, hackers, governments, fundamental news or may be something else? What do you think about it, please, share in comments!

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BTC Journey to 9100$

'Mini-me' oscillations.

There is even another iH&S in chart.are we gonna launch the rocket?
Been a while since anyone said that.
Even Poop and Darkboy have quit saying it.
Spooky. It means you could be right !!!
In the meantime we can trade every smaller break on the way.

MARKET MANIPULATION!!! I would not call this a bull run just yet, not until we break above 10,000. It's very possible for us to see a spike down to 8,000 possibly even 7,800... maybe even lower. Patience is the make or break factor when it comes to good investors. It's still very possible for us to see a spike down to that's what I have my eye on as of now. A spike to the 200 EMA is what I have my eye on next if we break below 7,900
(Don't worry, we'll look back at this 4-8 months from now and laugh about it when BTC hits 25,000+)
TheDudeForex Market_Monstor
@Market_Monstor, 4xxx possibly
The pace has died down for Bitcoin. Expect nothing fancy from Bitcoin for the remainder of the week.
Very good information and analysis posted in your article. Thank you so very for taking the time to post this
Great weekly breakout, but we still need some retracement before next leg up. Wave 1 is almost over.

This play is too easy in a highly manipulated market
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