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.
I have been calling this bounce from weekly MA50 days ago. Also stoch RSI was giving bullish indications. Target is 11600 and 13000. We must break through these levels and forget about the 2014 crash pattern that the crowd as been calling.
DataPatron
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Thank you for you analysis. My personal opinion about weekly chart is to stay a little bit more cautious. When you look to ultra long term RSI from 2014 parabolic hysteria (similar to end of 2017), we have just entered bearish values under 50. First time from the 2015! Of course cryptocurrencies are much more about fundamentals and ultra hype but for me it would be very unbalanced (asymmetrical) to go back to bulls from now in extra long term. But me and everyone here badly WISH you are right ;)
alpdemalp
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but according to bitstamp it did not break out
novem_bronze
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i m on the bears side, wrong timing for bullish, not yet
kazan79
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" The weekly chart confirms that the correction is over and the market is going to continue the uptrend."
WOW, really? Are you 100% sure?
It's too early to say. I would strongly suggest to be very careful, specially right now.
DLavrov
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@kazan79, we have a breakout above the downtrend line. New swing low higher than the previous one - yes, it confirms that the correction is over.
Ghost-Trader8
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False breakout. Volume is low.
Rugova
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Shouldn't the weekly chart, demonstrate the ending of correction by a strong reversal hammer candelstick, instead we got shooting star ?? Just wondering. It will be interesting to see this progress further...
justsomeguy
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Short term I'm watching at the $8,900 resistance. If we break in a sustained way over it (say, around $9,200) I think we have a pretty good shot at running up and testing 10k.
rkothwala
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@DLavrov What do you think about current weekly chart? Can you update this please.