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$BTC just printed its highest weekly close in 5 weeks.
Bitcoin has now closed above the 200-week MA support for 3 consecutive weeks, showing relative strength even as the Nasdaq 100 dropped more than 4%.
Key levels:
Resistance: $67K and $83K Support: $58K and $49K
What the chart is showing:
• MACD has turned bullish • Bullish RSI divergence remains intact • Stoch RSI is showing positive momentum • The bullish engulfing candle from 3 weeks ago is still holding
Interestingly, this same bullish engulfing setup has appeared 3 times this cycle, and each time it was followed by a strong rally.
Two scenarios from here:
• Hold above $58K → potential move toward $67K and $83K • Weekly close below $58K → next major support around $49K
🎙️ Crypto market updates and discussion; answers to newcomers’ questions ✅ Building the community with persistence 🦅 Spreading the idea of freedom! Maintaining ecological balance!