Long

Bitcoin Weekly Changes (New Targets & Support | $17.9k Possible)

Updated

Bitcoin's bulls showed themselves really strong last week when they bought everything below EMA50 and pushed the price above EMA10 in one single candlestick.

Bitcoin (BTCUSD) was trading below EMA10 ($9170) and fell below EMA50 ($8012) to reach a low of $7293... As soon as this low was hit, Bitcoin had a very strong bounce and the bulls now are back in control... So what happens next?

Let's take a look at the signals coming from the Bitcoin weekly chart

Here we can see the 'reversal signal' with a bullish candlestick marked with a blue circle.
When you look at the trading volume, we can see a huge increase and a strong breakout. The highest volume since May 2019... Last time we saw this type of volume Bitcoin grew from $8000+ all the way to almost $14000.
The RSI remains strong above 50 (this is bullish).
The MACD is starting to curve and the histogram is already moving in favor of the bulls. The MACD is also on the side of the bulls.
Bitcoin is clearly trading above EMA10/50 with a new green count starting on the TD Sequential indicator.

With lasts week's candle, you can consider EMA100 ($6987.80) to have been tested and Bitcoin can now try and test higher resistance levels on the way up.
One more support level is yet to be tested which is EMA200 (orange) at $5391. But if this level will be tested Bitcoin is very likely to first move up.

New Bitcoin Targets & Support Levels

After the lasts weekly candlestick close, we have new targets for Bitcoin.
The sellers were clearly rejected and the bears are now gone...
This can obviously change if the last low is broken at $7293 but now we remain bullish and strong...
What about the new targets and support?

Continue reading below...

SUPPORT LEVELS

As immediate support we have EMA10 sitting at $9176.
The next support if Bitcoin moves down and closes below EMA10 will be $8800 followed by $8000-$8250.
The main support is the last low mentioned above.

RESISTANCE LEVELS/TARGETS
- Now that the Bitcoin bulls have given us a strong and clear signal, let's take a look at what's in store for on a bullish follow-up... the immediate resistance is now sitting at $9789.
- A close above this level and $10560 enters the picture.
- Finally we have $11300 followed by $12400.
- Depending on how these levels are handled we can analyze the next move.
If you would like to look at Bitcoin shorter-term (daily timeframe), check the trade idea below | Everything Chances Now... New Bitcoin Targets ($12,000+ Next?)

I will also leave you with a positive message below hoping to send you good vibes and positive energies to start your day.

Make sure to leave a comment, follow and/or a LIKE, as well as share your chart with us below.

Thanks a lot for reading.

Namaste.

Note

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