BitcoinLong
Path to 100
Bitcoin is showing promising signs on the weekly chart. The long-term uptrend remains intact, as evidenced by the series of higher lows and highs from the $15,460 low to current levels above $65,000.
A key development to watch is the RSI indicator, which is on the verge of crossing above its 21-period EMA. This potential crossover on a weekly timeframe is a significant bullish signal, suggesting building momentum that could support further upside.
Adding to the bullish narrative, the price is approaching a descending trendline resistance. A breakout above this level, coupled with the RSI/EMA crossover, could pave the way for a test of the previous high at $73,835.
Overall, the combination of strong price action, the potential RSI indicator crossover, and the approach to key resistance levels paints a bullish picture for Bitcoin in the medium term. Keep a close eye on how price interacts with the descending trendline and whether the RSI confirms its crossover in the coming weeks.
A key development to watch is the RSI indicator, which is on the verge of crossing above its 21-period EMA. This potential crossover on a weekly timeframe is a significant bullish signal, suggesting building momentum that could support further upside.
Adding to the bullish narrative, the price is approaching a descending trendline resistance. A breakout above this level, coupled with the RSI/EMA crossover, could pave the way for a test of the previous high at $73,835.
Overall, the combination of strong price action, the potential RSI indicator crossover, and the approach to key resistance levels paints a bullish picture for Bitcoin in the medium term. Keep a close eye on how price interacts with the descending trendline and whether the RSI confirms its crossover in the coming weeks.
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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.