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.
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.
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