Bitcoin Falling Wedge + Bullish Hammer (Weekly Time-frame)
Updated
Bitcoin (BTCUSD) had a bullish close on the weekly timeframe.
Last week's candles closed as a "Hammer", which is a bullish candlestick.
"The Hammer candlestick formation is viewed as a bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends.
"The Hammer formation is created when the open, high, and close are roughly the same price. Also, there is a long lower wick, twice the length as the real body."
We also have a positive count starting on the TD Sequential indicator as well as the Falling Wedge pattern.
Prices for Bitcoin are still trading below EMA10 and EMA50, which is bearish, this is the next barrier to break on this timeframe.
We are aiming higher short-term.
Volume is needed for confirmation of the current move.
Please allow time for the charts to develop.
Previous analysis: Bitcoin Starts To Gain Momentum | $8,000+ Or $10,000 Next?
Is Bitcoin Ready To Resume Its Growth? EMA100 Conquered
Thanks a lot for reading.
Namaste.
Last week's candles closed as a "Hammer", which is a bullish candlestick.
"The Hammer candlestick formation is viewed as a bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends.
"The Hammer formation is created when the open, high, and close are roughly the same price. Also, there is a long lower wick, twice the length as the real body."
We also have a positive count starting on the TD Sequential indicator as well as the Falling Wedge pattern.
Prices for Bitcoin are still trading below EMA10 and EMA50, which is bearish, this is the next barrier to break on this timeframe.
- If Bitcoin can break EMA10/50, it can easily move higher and reach $10,000+.
- If Bitcoin can't conquer EMA10/50 and moves to close below $7300, we can easily see lower prices and even the last low tested.
- If prices start to crash hard, the main support will be sitting at $5050 or MA200.
We are aiming higher short-term.
Volume is needed for confirmation of the current move.
Please allow time for the charts to develop.
Previous analysis: Bitcoin Starts To Gain Momentum | $8,000+ Or $10,000 Next?
Is Bitcoin Ready To Resume Its Growth? EMA100 Conquered
Thanks a lot for reading.
Namaste.
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