Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422

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Bitcoin can avoid a 10th weekly red candle in a row if it closes above $29,422 on Sunday night, June 5. The past 9 weeks have seen Bitcoin continue to close out the week down on the week before. The previous record was 6 red weeks until Bitcoin broke it in late May.

bitcoin weekly candle
Source: BTCUSD TradingView

At the time of writing, the price of Bitcoin is $29,788, and it needs to stay above $29,422 to avoid 10 red candles in a row. The current price has acted as resistance to further downward movement since it broke up in December 2020.

bitcoin resistance
Source: BTCUSD TradingView

As can be seen from the chart above. The last time Bitcoin dropped around the $30k level; it only wicked down on the weekly timeframe. Each time Bitcoin dropped below $30k in 2021, it closed above $31,683, yet it has not reached that price since May 9. The next resistance would be one setback in 2019 at around $8,000.

While no one predicts a drop to 2019 levels, the current price point means Bitcoin is moving into unchartered territory. The all-time high of Bitcoin during the last cycle was $19,740, and it has never touched the all-time high from a previous cycle. 2017’s all-time should act as extreme resistance from bulls’ not wanting to show weak price action by invalidating a continuing bullish trend.

Update 5 pm GMT June 6 : Corrected price target for weekly candle  

The post Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422 appeared first on CryptoSlate.

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