Bitcoin flipped bullish on weekly chart
Last week was much productive for bitcoin: price rallied to 9200$ and then dropped to 8400$ followed by a huge sell-off.
Despite sell-off on the last few hours of the week, bitcoin managed to close the week above the PREVIOUS week high at 8600$.
8300-8600$ should act as weekly support for now for bitcoin for bullish continuation.
Bitcoin also closed the week above 21MA - the first time since March'19.
Looking at MACD, we can bitcoin is just about to have a bullish crossover on the weekly chart, which indicates a multiweek bullish continuation.
Bitcoin may slow down a bit a consolidate in 7700-8500$ for next 1-2 weeks because of Chinese new year holidays, but overall things are looking pretty bullish for bitcoin - and the price could rise above 13000$ before halving.
Despite sell-off on the last few hours of the week, bitcoin managed to close the week above the PREVIOUS week high at 8600$.
8300-8600$ should act as weekly support for now for bitcoin for bullish continuation.
Bitcoin also closed the week above 21MA - the first time since March'19.
Looking at MACD, we can bitcoin is just about to have a bullish crossover on the weekly chart, which indicates a multiweek bullish continuation.
Bitcoin may slow down a bit a consolidate in 7700-8500$ for next 1-2 weeks because of Chinese new year holidays, but overall things are looking pretty bullish for bitcoin - and the price could rise above 13000$ before halving.
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