Bitcoin (BTC) has another weekly close, which provided more questions than answers. Personally, I’m not at all sure how to perceive it. The candle is probably bullish at first glance, but we can’t ignore the fact that the bitcoin broke the $ 30,000. And it wasn’t just a fake breakthrough. It was a regular breakthrough of support.
That’s why I’m pretty good at how weekly close can actually be interpreted. In the overall context, it definitely gives logic to continue retracement. The sentiment is already quite depressed – I talked about it in yesterday’s video analysishow theatrically everyone turned their bias on a tough bear. Among other things, the stock market pretends to want to grow. Which the crypto market will certainly support.
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Current situation at 1W BTC / USD
So like I said, weekly candles are basically bullfighting. More than 65% of the loss was erased in the final. Therefore, the candle has a more or less bull form. The weekly close is at $ 31,300. Therefore, many might automatically assume that we are back on support. But it is not so.
If you look at at least the 4H chart, you’ll find that bitcoin fights a lot on the way up. Mainly around the levels of 32,000 USD, I mean that the former support course is still testing from below. This originally support band now behaves like resistance, which is normal.
So for bitcoin to continue in retracement, it must stay around that $ 30,000. Then there is a chance that growth will continue. The target in that case is about $ 37,000. As you can see, the weekly chart is clearly around that level goulash resistance. So it’s the resistance one confluence at this level seriously massive. Near that level, the S / R level is $ 37,000, 100 weeks moving average, 20 weeks moving diameter and bottom edge of that bearish flags.
Indicators
Current weekly value RSI is less than 34 points. Which is the level where the low was created during the fall of March 2020.
In conclusion
If bitcoin can consolidate the original support band, there is a chance for further growth. Logically, the bears are shorting the band because they rely on the former strong support to become resistance. But the supply side has weakened quite a bit over the past few weeks. The result is the weekly candle. By that I mean that shorts therefore have nothing certain. In addition, bitcoin already has a market minimum of about 65% from ATH. How deep should we go in one go?
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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