🅱️ Bitcoin Weekly Update | The Best Since 2021 Starts NOW!

٩ مايو

Recently we've been talking about the weekly chart. This is the time interval in which each candle/session is worth 7 days (1 week).

Bitcoin is always bullish above EMA10 and thus we track this indicator.
As long as Bitcoin trades above EMA10 weekly, we consider the trend to be bullish. When Bitcoin moves below, the bearish bias is confirmed.

The week is now halfway done and Bitcoin is now trading below EMA10 which sits at $62,824 as I write this.


Now, EMA10 was first challenged early April.
After this challenge, the support level was "attacked" every single week. The more often a support level is challenged, the weaker it becomes.

Last week Bitcoin produced a multi-months lower low but still ended up closing above EMA10. This is the green candle with a long lower shadow on the chart.

This week Bitcoin is down and the confirmation comes once the session closes at current levels or lower.

We can extract more information from these chart signals and indicators.

Bitcoin moved above 63,000 in February 2024.
It took the market bears almost 3 months to break this once resistance level as support. The fact that it took so long to break the low 60Ks as support, is indicative of strong bearish sentiment.

If Bitcoin ranges for 6 weeks above EMA10 and then moves ahead, the support level is fully confirmed and we can expect a higher high compared to mid-March, aka. the ATH (~74,000). The fact that the level broke as support instead makes this a very, very bad development when it comes to bullish growth, short-term.

Actually, this is not bad it is just the normal way in which the markets work. A phase of growth is balanced out by a phase of decline/fall... After the fall, we get additional growth.

The chart confirms what we already know... Bitcoin is going down... After going down, it will move back up and produce the strongest bullish cycle since 2021.

Namaste.