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It's a Pivotal Week for Bitcoin Price

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scaredycatguide
@scaredycatguide
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Obviously all the sentiment in crypto has been negative of late and looking at the bitcoin chart may not really help that.

However, despite all the weakness I am still see a scenario of bullishness that could play out this week. Now, there is still much work to be done over the next few days, but atleast there is a clear scenario as opposed to just sheer full bear market sell off mode.

Weekly Bitcoin Chart...

Looking at the weekly bitcoin chart we see two things.

  • 1.) Last week's candle had a larger lower wick (meaning bulls put up a fight to rally price above that key 30k level)
  • 2.) Price still remains above the low of last week's reversal type candle and battles the 29-30K area.

What needs to happen is....

Well, the obvious, this week's candle needs to close at or above 30K!

If that happens then we have another positive stand put in and further action on a reversal pattern being born.

Additionally, nearly all indicators have BTC oversold on the weekly timeframe (note: not extremely oversold by any means, but still oversold)

The streak that is hard to match...

This week marks the eighth consecutive week that bitcoin would be in the red. You will be hard pressed to find that occurrence much in the history of bitcoin.

Does that last piece mean anything? Maybe not, but the bears gotta get tired and take a little nappy nap at some point. Maybe it will start next week? Who knows.

Posted Using LeoFinance Beta