Bitcoin Weekly Chart

The weekly chart of Bitcoin still looks bearish and it confirms further downward movement. The previous week was closed by a bullish candle and the market could develop a new upward movement. But after breaking below 10000.00 and SMA20 we get a signal confirming further downward movement. It will be very good for bulls if 8000.00 level can support the market. The price will have to come back above 10000.00 level at least in order we could think about a price reversal. MACD histogram still gives bearish signal and we'll need several weeks for it reversal and supporting possible upward movement. RSI drops to the oversold zone and we also have to wait for 1-2 weeks at least for confirmation the price reversal. If the market keeps falling, the next strong support zone will be at 5000.00 level. This zone is formed by the uptrend line, SMA50 and 5000.00 support level . This zone will be good for buying Bitcoin based on any signals from lower time frames.

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@DLavrov do you think there will be a trend reversal soon ? BTC is hitting the 6k$ now
I would say more 2 months of bearish for weekly become attractive again for bulls:

@bitcoin, By the time my little bank will break but hodlin
+1 Reply
aaaand it's gone
+6 Reply
oh yes, the red line. The red support line. That's a good point. Anf from there, the price could bounce upwards again. Take a look on my charts please:
I'm short since 14280$ I'm expecting the 5,6k area, as a landing zone (+/-2%). What do you think about that?
+2 Reply
thanks for the analysis
from what i can see bitcoin is done fees are super high it does not cover the anonymity and easy payment method that it was created for,the panic of investors and regulations from governments, and on top of that whales had made so much money with the big jump in December that every time bitcoin recovers $1000 they can sell off and still make a huge profit, it is a never ending game that people arent catching up,if every time the whales are going to sell their bitcoins every body is going to panic and domp their bitcoins so they can buy them back a lot cheaper and resell them for a quick profit its a done deal people it will never end unless we have the balls to hold on our bitcoin forget about the charts just think about it, if you could buy 200,300,or even a 1000 bitcoin at $8000 and sell it back in a day at $9000 you will do it every fucking day of your entire life
+4 Reply
shashank1 leandro1
@leandro1, right fees are very high
Accra leandro1
@leandro1, Yeah, Bitcoin fundamentals look really bad at this point, and not only that, but it has a lot of "enemies" and "challenges" -- but does it have true, loyal supporters and believers? Or just a bunch of speculators who will abandon it as soon as a bear market becomes firm?

I sturggle to see how it can uphold its valuation and reach new highs in the future. I really enjoy trading crypto so I hope I'm wrong. But who is going to be there to buy 20k Bitcoin this time around?
+1 Reply
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