Bitcoin: Market Review Based on the Weekly Chart
The weekly chart does not look bullish in the short and medium term. The price reached 10 000.00, and we can see the price reversal. RSI confirmed it, and MACD histogram is going to do the same.
If the price drops below the low of the previous weekly candle, it will be a bearish signal. The market has room for a downward movement. The main goal for sellers should be the main uptrend line. Without fundamental support and strong interest from buyers, within several weeks, this target can be reached. At the same time, we have to take into consideration that in crypto, any direction can be changed very quickly. The lower timeframes tell us about support zones at 9000.00 and 8000.00 levels. If the price bounces from the, it will give us new buy opportunities, even if the main target won't be reached.
If we talk about "to the Moon", the price will have to break the monthly downtrend line. Without the breakout, the upward movement can be stopped and reversed one more time at this downtrend line.
The market looks bullish in the long run, but the uptrend will be continued after the correction wave and the breakout above the downtrend line.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price drops below the low of the previous weekly candle, it will be a bearish signal. The market has room for a downward movement. The main goal for sellers should be the main uptrend line. Without fundamental support and strong interest from buyers, within several weeks, this target can be reached. At the same time, we have to take into consideration that in crypto, any direction can be changed very quickly. The lower timeframes tell us about support zones at 9000.00 and 8000.00 levels. If the price bounces from the, it will give us new buy opportunities, even if the main target won't be reached.
If we talk about "to the Moon", the price will have to break the monthly downtrend line. Without the breakout, the upward movement can be stopped and reversed one more time at this downtrend line.
The market looks bullish in the long run, but the uptrend will be continued after the correction wave and the breakout above the downtrend line.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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