BTCUSD: Bulls must defend the weekly close tonight!
18970 area used to function as a weekly resistance in November 2020. The moment we broke through and flipped it as support we had a huge pump.
Likewise, bulls must now defend this price on a weekly level if they hope to see a bounce higher.
Should they fail to protect this level I suspect we will visit the green box very soon.
Some other important prices on this chart are the following (explaining for more context)
-- Blue line is the previous (2017) ATH
-- Blue dotted lines are the wicks of last week's candle (it also was our "inside week" - I'll explain what inside week is in some other post)
-- Orange dashed lines are important weekly wicks
-- Orange line is the weekly close of 2017 ATH
-- White line is a very important RS flip on daily timeframe
-- Yellow line is our next monthly support
-- Purple MA is the 200W MA
Likewise, bulls must now defend this price on a weekly level if they hope to see a bounce higher.
Should they fail to protect this level I suspect we will visit the green box very soon.
Some other important prices on this chart are the following (explaining for more context)
-- Blue line is the previous (2017) ATH
-- Blue dotted lines are the wicks of last week's candle (it also was our "inside week" - I'll explain what inside week is in some other post)
-- Orange dashed lines are important weekly wicks
-- Orange line is the weekly close of 2017 ATH
-- White line is a very important RS flip on daily timeframe
-- Yellow line is our next monthly support
-- Purple MA is the 200W MA
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