• Another down week for Bitcoin and still no fireworks after the halving.
  • The weekly candle looks very indecisive and grapples with 9K.

BTC/USD weekly chart

Bitcoin is heading for its second weekly bearish close and for the third week, the price has not been able to close above the magical 10K mark. The weekly chart below shows that the market is still in a technical downtrend with another potential lower high created. Although this time the wave low the price needs to break is pretty far down at 4K.

The black downtrend line is the key technical level and if the price breaks above then there could be a run on the resistance zones above. On the downside, there are multiple support levels to look out for. The major moving averages are below current levels and 7K level has been a strong pivot zone in the past too.

Importantly, the Relative Strength Index indicator is still above the 50 mid-line. This could mean that if we do make a wave low it could be a higher low and then the next major resistance is the 10K once again. Obviously, this scenario will take some time to play out so some patience will be needed.

Bitcoin weekly bearish close

Additional levels

BTC/USD

Overview
Today last price 9169.8
Today Daily Change 110.34
Today Daily Change % 1.22
Today daily open 9059.46
 
Trends
Daily SMA20 9300.02
Daily SMA50 8097.18
Daily SMA100 7976.05
Daily SMA200 8055.96
 
Levels
Previous Daily High 9567.69
Previous Daily Low 8800.12
Previous Weekly High 9944.79
Previous Weekly Low 8105.58
Previous Monthly High 9476.83
Previous Monthly Low 6156.67
Daily Fibonacci 38.2% 9093.33
Daily Fibonacci 61.8% 9274.48
Daily Pivot Point S1 8717.15
Daily Pivot Point S2 8374.85
Daily Pivot Point S3 7949.58
Daily Pivot Point R1 9484.73
Daily Pivot Point R2 9909.99
Daily Pivot Point R3 10252.3

 

 

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