|

Bitcoin Price Analysis: BTC/USD weekly candle is like the one right before the Sept-Dec 2017 440% bull run

  • Weekly candlestick is looking very attractive for a big potential reversal to come.
  • September 2017 produced a similar candlestick in the week of September 18th 2017, before the huge bull run up until December.

The Bitcoin price was seen down a chunky 6% in the latter stages of trading on Friday, after taking a beating in afternoon trading. The big $4000 mark was under heavy threat at one point, however the buyers managed to protect this.

Looking via the weekly chart view, the current candlestick is looking to be forming a reversal doji. Should this be the case, markets can look at expecting a decent bull run next week. The eventual move back to the upside could be fast.

There isn’t much in the way of resistance until the big $7000 figure, when looking at the weekly view. Interesting to note that back on week of 18th September, the weekly candlestick produced a doji, around current levels. The following week was the start of the huge bull run seen from September to December.

BTC/USD weekly chart view 

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

More from Ken Chigbo
Share:

Editor's Picks

Ripple clings to $1.25 support as Binance reserves hit five-year low

XRP bulls gather around $1.25, eyeing a short-term recovery attempt as the broader crypto market consolidates. Binance's XRP reserves fall sharply, reaching the lowest level since 2021 following the resumption of withdrawals on the exchange.

Crypto Today: Bitcoin, Ethereum, XRP under pressure as investors pull capital

Bitcoin trades downward at $76,566 on Tuesday, testing six-week lows. Ethereum, like Bitcoin, trades under pressure as it consolidates within a narrow support range. Meanwhile, Ripple hovers marginally above $1.25.

Bitcoin risks deeper losses as the 200-day EMA comes under pressure

Bitcoin slips toward the key support zone around $76,455 on Tuesday, after falling nearly 2% the previous day. The largest cryptocurrency by market capitalization nears a make-or-break level, with a daily close below $76,455 suggesting a deeper breakdown.

Top Altcoins Price Forecast: Ripple, Cardano, and Solana brace for further downside move

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL), remain weak ahead of the US midterm elections on Tuesday, as last week's $6.3 billion Binance hack has dampened social sentiment.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.