BitcoinLong
Bitcoin Weekly Bullish Divergence
The weekly chart gets BTC's macro trend better than any other time frame. It has accurately shown a reversal whenever it occurs. While we are still in a down trend channel until we break out of it, in my opinion, bullish divergence on the weekly chart should give BTC enough momentum to break the 200MA upon a second retest, which now sits around the 9K level.
If Bitcoin succeeds in breaking this area and begins to close above its previously weekly highs around $9500, it would be a confirmed reversal on a weekly timeframe which would point to a high probability of upside continuation for the months, and possibly years to come.
If Bitcoin succeeds in breaking this area and begins to close above its previously weekly highs around $9500, it would be a confirmed reversal on a weekly timeframe which would point to a high probability of upside continuation for the months, and possibly years to come.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.