A weekly Resistance can't stop Bitcoin at this moment
Bitcoin's weekly chart shows that we have hit a weekly resistance causing the price to slow down. Resistance is a zone where people take their profits and hence future traders believe it to be a good zone to short the assets.
That is the reason why we saw a rise in bear activity on MACD, however their power has reduced. If you keep an eye on the news, we have news about the Coindesk Bitcoin Index gaining 5.85% and Grayscale announcing its plan for Bitcoin ETF spinoff.
This is a positive news and hence caused millions of liquidations of Short trades.
If shorts are being liquidated that simply means we are going up, hence do not fear if you see a few candles in the hourly chart. Important to watch out is that we close above $66,800 for the day. This will hold the bears as the price will wander in this zone for some time building a strong support and then can continue the journey.
As we hit the weekend, there are traders who take out there profit and take week off from trading. They will be back on monday.
If we close above $68,000 and stay above this level for the weekoff, there are huge chances we will see a rise with the opening market on monday.
That is the reason why we saw a rise in bear activity on MACD, however their power has reduced. If you keep an eye on the news, we have news about the Coindesk Bitcoin Index gaining 5.85% and Grayscale announcing its plan for Bitcoin ETF spinoff.
This is a positive news and hence caused millions of liquidations of Short trades.
If shorts are being liquidated that simply means we are going up, hence do not fear if you see a few candles in the hourly chart. Important to watch out is that we close above $66,800 for the day. This will hold the bears as the price will wander in this zone for some time building a strong support and then can continue the journey.
As we hit the weekend, there are traders who take out there profit and take week off from trading. They will be back on monday.
If we close above $68,000 and stay above this level for the weekoff, there are huge chances we will see a rise with the opening market on monday.
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