Bitcoin weekly chart overview

12 de mai. de 2020

In the run up to the halving event, Bitcoin tested the 10100k area with a harsh rejection and a pullback to the lower 8k region. Zooming out on the weekly chart a wick to this region shows its been respecting the .618 "golden pocket" Fibonacci level from the 13800k blow off top in June 2019. Candle bodies are currently sitting under the .5 fib level, with a trend line resistance taken from the 13.8k top and an upwards trend line from the 3800k bottom in March shows a breakout is imminent in the coming weeks. The weekly RSI shows plenty of scope for upwards momentum. Unless Bitcoin pulls back to the 8200 area and closes below on a daily candle, its hard not to remain bullish given the reduced mining reward and increased demand from institutional speculators such as Paul Tudor Jones.