Hello, welcome to this BITCOIN WEEKLY update by CRYPTO SANDERS.
CHART ANALYSIS:-The bitcoin weekly candle closed above descending trendline resistance. Bulls reclaimed 2017 bull run highs after bouncing off historic trendline support, demonstrating bull strength. BTC was rejected from the horizontal resistance and is now above the 22.6K support.
BTC hunted for downside liquidity and retested the descending channel.
A significant bullish rally will be confirmed by an effective retest of the descending channel and a solid breakout of $25,500.
I have tried to bring the best possible outcome to this chart.
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Keep it up mate! We are really enjoying your content, your analysis is pretty accurate.
averkie_skila
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And it is at times like this that much depends on the news. Tomorrow the Fed is 99% likely to announce a 0.25% rate hike. Plus, this is the point where you have to look at long volume dynamics. Look at the VFI indicator. It gave a short green point, but now the line has fallen again and will be red, with a move into bearish territory over the next few weeks. The weekly stochastic is also at the Maximum. The weekly MAs will cross. Lastly, you've indicated a high right off the bat. Kumo cloud clearly shows other pronounced levels... Which are resistances on the way. We're still in a bear market. And crypto market has yet to prove that it has a life of its own independent from the stock market.
CryptoSanders9563
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@averkieskila, :)
averkie_skila
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@CryptoSanders9563, There is one host for Bitcoin. It has so far had to do his bidding...