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Bitcoin Update Bullish vs Bearish Potential

Let’s take a look at Bitcoin weekly, Our analysis while looking at the weekly time frame/scale; one week per candlestick.

Bitcoin Weekly Chart Analysis

Brown dashed trendline:

1) First, let me call your attention to the dashed brown line above. This week candlestick is challenging this trendline and trading above it, a close above this level would give Bitcoin further bullish potential (increase its value/grow in price). A close below and we are likely to retest lower levels at $10,900 and possible $10,150 as well.

EMA10 & TD Sequential:

2) EMA10 was tested and held nicely as support. Trading above EMA10 tells us that Bitcoin remains strong and we look to the side of the bulls.

The TD Sequential started a new positive count. This is a great signal especially if the week can close above $11,480.

Strong RSI:

3) The RSI is really strong at 70.39 and can move higher. We can see an ABC correction after a double top , after this correction another move up can show up.

MACD showing bearish divergence

4) The MACD is on the bullish side and allows for additional growth, but, it is printing now bearish divergence. This divergence can be eliminated with a strong big green candle or it can become stronger… Right now it isn’t as relevant, it all depends on how the week closes.

My feeling of the market and charts

The overall feeling I am getting is that Bitcoin ( XBTUSD / BTCUSD / BTCEUR or BTC in general) will try to move higher, do some new peaks and consolidation sideways… There will be some bearish action but not as strong or long-lasting as we got used to in the past 2 years… Things will change now for the better, overall, and after September, we will see nice growth for the altcoins while Bitcoin remains strong.

Strength will be the name of the game

There will be ups and downs, as it is normal in every way, but the altcoins market and Bitcoin will be known by their growing strength…
We might perceive it as weak sometimes or that some government can take it all away, but as the days, weeks and years continue to pass, strength will be the name of the game…

“Bitcoin just became stronger”.
“Bitcoin is becoming solid, the market is gaining strength”.

What do you think?

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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