Bitcoin: What The Weekly Chart Shows
Updated
Hello friends, today you can review the technical analysis on a 1W linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency.
1) This is a macro chart showing the multiple years of price action through weekly candlesticks.
2) The chart shows Bitcoin on Coinbase exchange where there is generally the highest volume and most price activity.
3) There is Bearish Divergence on the weekly with the RSI (relative strength index) comparison.
4) The MA 20, 50, 100 and 200 are shown in the charts. Price is currently below the MA 20.
5) The RSI at 41-43 is an important area, which BTC may need to hold if price wants to move higher.
6) Though Volume is consistent, there is no major inflow of volume. This could be due to the limited number of Bitcoins traded versus held in outside storage.
7) Many influencers look at 1H, 4H or 1D charts and indicators, but looking at the macro charts - 1W or 1M is very important. If you are trading, you can't depending on other people's opinions of price action. You need to do your own research.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
1) This is a macro chart showing the multiple years of price action through weekly candlesticks.
2) The chart shows Bitcoin on Coinbase exchange where there is generally the highest volume and most price activity.
3) There is Bearish Divergence on the weekly with the RSI (relative strength index) comparison.
4) The MA 20, 50, 100 and 200 are shown in the charts. Price is currently below the MA 20.
5) The RSI at 41-43 is an important area, which BTC may need to hold if price wants to move higher.
6) Though Volume is consistent, there is no major inflow of volume. This could be due to the limited number of Bitcoins traded versus held in outside storage.
7) Many influencers look at 1H, 4H or 1D charts and indicators, but looking at the macro charts - 1W or 1M is very important. If you are trading, you can't depending on other people's opinions of price action. You need to do your own research.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
No one can tell me that I wasn't warning you!
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