Bitcoin: Market Review from Weekly Timeframe
This week will be important for Bitcoin. It will be able to give us new bearish or bullish signals, which will tell us more about further market movement.
If we look at the weekly timeframe, we can see that the price reached the resistance, but the weekly candle's close price is below 20 000$. RSI reached the overbought zone, and it is going to confirm the price reversal. MACD histogram will be able to confirm the price reversal as well. We should be ready to get bearish signals from the weekly chart. It will tell us about a possible downward movement to 16 000$ and even 14 000$. The correction will be in the structure of the bullish trend, and the price reversal from the support will confirm the continuation of the main trend.
In the previous post, I wrote that Bitcoin could reach 30 000$. If the main uptrend is continued, this goal will be logical after the correction movement. The weekly chart will need to confirm the correction, and the support zone from this time frame will be a solid basis for a new upward movement with a breakout above 20 000$. Probably, it will take several weeks or maybe even months.
The alternative is a sideways movement below 20 000$ and 18 000$ with the breakout above 20 000$ and the further upward movement. But if we talk about the market using the weekly timeframes, the downward movement toward 14 000$ looks like the perfect option for everyone.
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 we look at the weekly timeframe, we can see that the price reached the resistance, but the weekly candle's close price is below 20 000$. RSI reached the overbought zone, and it is going to confirm the price reversal. MACD histogram will be able to confirm the price reversal as well. We should be ready to get bearish signals from the weekly chart. It will tell us about a possible downward movement to 16 000$ and even 14 000$. The correction will be in the structure of the bullish trend, and the price reversal from the support will confirm the continuation of the main trend.
In the previous post, I wrote that Bitcoin could reach 30 000$. If the main uptrend is continued, this goal will be logical after the correction movement. The weekly chart will need to confirm the correction, and the support zone from this time frame will be a solid basis for a new upward movement with a breakout above 20 000$. Probably, it will take several weeks or maybe even months.
The alternative is a sideways movement below 20 000$ and 18 000$ with the breakout above 20 000$ and the further upward movement. But if we talk about the market using the weekly timeframes, the downward movement toward 14 000$ looks like the perfect option for everyone.
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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