Hello folks, the Bitcoin weekly close is here, and this week's close was at $48.3k. Is it positive? Maybe.
There's no doubt that BTC performed quite well by remaining consistent with the rally since September 2023. With the current price at $48.1k, BTC might touch the $50k range within this week, but we also need to consider the negative parameters. As I mentioned earlier, on a weekly timeframe, once BTC makes this jump, the RSI will lose its momentum and eventually form a bearish divergence. Well, we can see it happening; the RSI is forming a bearish divergence whereas the price is increasing. This rejection may take place from the current price level or possibly after we see BTC in the $50k range, but eventually, a correction/rejection will follow.
I was expecting a daily close in the $50k range for better confirmation, but BTC struggled at $48k. Anyways, more updates on BTC and the market as it unveils the next chapter. Trade safely.
Regards,
Team Dexter
There's no doubt that BTC performed quite well by remaining consistent with the rally since September 2023. With the current price at $48.1k, BTC might touch the $50k range within this week, but we also need to consider the negative parameters. As I mentioned earlier, on a weekly timeframe, once BTC makes this jump, the RSI will lose its momentum and eventually form a bearish divergence. Well, we can see it happening; the RSI is forming a bearish divergence whereas the price is increasing. This rejection may take place from the current price level or possibly after we see BTC in the $50k range, but eventually, a correction/rejection will follow.
I was expecting a daily close in the $50k range for better confirmation, but BTC struggled at $48k. Anyways, more updates on BTC and the market as it unveils the next chapter. Trade safely.
Regards,
Team Dexter
Note
BTC in the weekly timeframe is testing the 
52K resistance. We are only 33% away from the All-Time High. Since September 2023, BTC has rallied 108%, and it looks like BTC has more to flex in this bull run. Will BTC surpass the 52K resistance before the weekly close? Well, I am a little skeptical about that.Points to remember:
The
52K resistance is a squeezing area for BTC.The RSI is still forming a bearish divergence pattern.
The weekly close is still 4 days away, so anything can happen.
Be prepared!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.