BTCUSD Weekly Analysis
The bulls have decent follow through from the parabolic wedge bull flag and sell climax. There are several bull gaps and consecutive bull bars, although they are small. Prices are currently testing the top of the sell climax above the November selloff, around 6523. The bulls want a larger second leg up and test of the start of the bear channel around 11,500. The bears will try to form a double top bear flag within the coming weeks and attempt to hold the market below the most recent lower high around 8500. The most likely outcome will be trading range behavior between 7500 and 4000 for the next several months until one side clearly takes control.
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