Bitcoin Hits Highest Weekly Close Since January 2018, Showing Strong Momentum

After spending one of the best a part of the previous week consolidating, Bitcoin took a flip south over the weekend. On the brilliant aspect, the king of crypto registered its highest weekly shut for over a yr. Will it result in additional good points?

Highest Weekly Candle for 18 Months

Right this moment’s Asian buying and selling session has been the exact opposite of final Monday’s. The sellers are piling on the stress as Bitcoin fell from $11,580 to only above $11,300. A loss of life cross because the 50 hour transferring common fell beneath the 200 hour MA might spell additional losses on this time-frame. The other golden cross on the 4 hour chart paints a distinct image although.

One other long run indicator is the weekly candle chart which continues to be very bullish regardless of the assault of the bears over the weekend. In response to charts on Tradingview.com Bitcoin closed the week simply north of $11,500.

BTC weekly chart. Tradingview.com

The chart exhibits that Bitcoin closed at an analogous worth degree for 2 weeks in February 2018. Relying on which exchanges costs are taken from, it may very well be even additional again. Dealer going by the twitter deal with ‘Nunya Bizniz’ added that it was the primary weekly shut above the 50% Fibonacci degree since January 2018.

“Highest weekly shut since Jan 2018.
First weekly shut above 50% Fib since Jan 2018.
Bullish?”

A bull flag additionally seems to be forming on the weekly chart which can also be a constructive sign. The long run view for BTC actually appears bullish and the present month-to-month candle is on monitor to be Bitcoin’s third highest shut ever. Lots can occur between now and the tip of August nevertheless so digital chickens shouldn’t be counted simply but.

There are many technical indicators to have a look at in efforts to aim conjecture on the subsequent path. The stochastic is one which, in the intervening time, is oversold on the 4 hour chart. Crypto dealer ‘CryptoHamster’ instructed this might result in brief time period good points.

“Just lately, each time, when 4h stochastic is oversold it’s adopted by the rise.
Right here is your threat to have a short-term alternative to go lengthy.”

The previous six weeks have clearly seen plenty of vary sure buying and selling which extends the probability of this persevering with.

Elsewhere on Crypto Markets

With Bitcoin dominance nonetheless floating across the 70 p.c degree, altcoins are nonetheless in a world of ache. Only a few of them have moved greater than a p.c or two over the previous 24 hours. Ethereum continues to be flat, buying and selling beneath $215 and XRP has simply dropped beneath the important thing $zero.30 degree once more.

Solely Bitcoin Money is transferring this morning as BCH provides 5 p.c on the day to achieve $335. Whole crypto market capitalization has dumped $10 billion over the weekend, falling beneath $300 billion as each day quantity diminishes.

Picture from Shutterstock

About Tom Greenly

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