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Bitcoin can keep away from a tenth consecutive pink weekly candle if it closes above $29,422 | CryptoSlate

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Bitcoin can keep away from a tenth weekly pink candle in a row if it closes above $29,422 on Sunday night time, June 5. The previous 9 weeks have seen Bitcoin proceed to shut out the week down on the week earlier than. The earlier report was 6 pink weeks till Bitcoin broke it in late Might.

bitcoin weekly candle
Supply: BTCUSD TradingView

On the time of writing, the worth of Bitcoin is $29,788, and it wants to remain above $29,422 to keep away from 10 pink candles in a row. The present worth has acted as resistance to additional downward motion because it broke up in December 2020.

bitcoin resistance
Supply: BTCUSD TradingView

As may be seen from the chart above. The final time Bitcoin dropped across the $30k stage; it solely depraved down on the weekly timeframe. Every time Bitcoin dropped under $30k in 2021, it closed above $31,683, but it has not reached that worth since Might 9. The following resistance can be one setback in 2019 at round $8,000.

Whereas nobody predicts a drop to 2019 ranges, the present worth level means Bitcoin is shifting into unchartered territory. The all-time excessive of Bitcoin over the last cycle was $19,740, and it has by no means touched the all-time excessive from a earlier cycle. 2017’s all-time ought to act as excessive resistance from bulls’ not wanting to point out weak worth motion by invalidating a unbroken bullish development.

Replace 5 pm GMT June 6 : Corrected worth goal for weekly candle  

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