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Bitcoin: Crucial weekly close for the bulls

BTC at a crucial spot in its journey to the North.
Weekly close above key resistance would be final nail in the bears' coffin.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of the cryptocurrency world has given yet another breakout on the daily and weekly charts, which would only be long term positive in its journey to the North after a tumultuous past that saw prices crash like nine pins.

BTC/USD is up more than three percent on day at $6,546 in about four percent range for the day. Saturday's rally is supported by a breakout of a horizontal resistance line drawn from February 2018 low that broke down in November which resulted in prices nearly halving within a month.

Now that the price of the largest crypto coin is back above this key resistance line, all that the bulls need is a close above this key resistance line, which would now act as a support - placed at $6,137 currently while it faces resistance in the form of 100 weeks SMA exactly where the price is - $6,539.

BTC/USD daily chart:

BTC/USD weekly chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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