Bitcoin chart analysis on the weekly zone
Bitcoin price is now at $20,100 as at the time of creating this post.
The present weekly candle is green all the way , the bulls are strong on this current weekly candle and the price action shows that the bullish movement is getting stronger on the weekly timeframe of the bitcoin market..
The Stochastic indicator have confirmed the bullish price action on the market , the stochastic have confirmed the presence of the bulls on the bitcoin market on the weekly time-frame , even the OBV(on balance volume) indicator is also indicating a bullish signal ,the indicators are all confirming the bullish signal on the weekly timeframe of the bitcoin market..
But these are just technical analysis , there are fundamentals that can change the direction of the bitcoin market without obeying whatever the technical analysis thinks about the market , for example the US FED meeting can come out negative and have immediate effects on the bitcoin market and make the market to experience another bearish trend ..so that is why you need to always have risk management in use when trading crypto because your analysis would not always be correct at 100% everytime , so you need to always prepare yourself for loss incase if the market goes against you..
