Bitcoin Weekly Chart Confirms Uptrend

If you hold Bitcoin you must be glad to read this market overview. The weekly chart confirms that the correction is over and the market is going to continue the uptrend. Yes, we can consider that the weekly chart kept the uptrend when lower time frames became bearish.

Based on the weekly chart we can get following information. The price bounced from SMA50 and the 6500.00 level. After that the market moved higher and we got a breakout above the downtrend line. This fact confirmed the continuation of the uptrend. If we look at the indicators we can get confirmation for further upward movement. RSI confirmed the price reversal from the support zone. MACD histogram confirms the upward movement. ADX does not confirm the power of bears. We should be ready to see a breakout above 10000.00 level and reaching 12000.00 level. This level will be important for further price movement. The previous swing high is not far from this resistance. For additional confirmation of the uptrend, the price will have to break this swing high. It will open the road to 15000.00 level and probably to the ATH.

If you are on the bears’ side, you have to wait for a price breakout below the support zone formed by SMA50 and 6500.00-6000.00 support levels. Do you believe in such falling? If yes, you will be able to see 5000.00 and may be 3000.00 strong support levels. Any way this downward movement must be supported by strong fundamental news.

P.S. I hope you like this market overview. Please, share your ideas in comments. The next chart for Bitcoin will be based on the daily time frame.