Bitcoin has now closed its first weekly candle above the May highs, and this is also the second consecutive weekly candle above the 50W Moving Average.
Technically, this is a strong signal that has always shown the end of the bear market.
Now, I'm watching the 50W MA closely to see whether it turns into support. Historically, after $BTC breaks above this level, price often comes back to retest it before continuing higher.
That's why I'm watching the $78K-$77.6K area closely. I want to see how BTC reacts if we get that retest.
And there's another interesting factor, if $BTC continues moving sideways, the 50W MA will keep moving higher, meaning the potential support zone could rise with it.
Today is my Monday, so I'm in no rush to enter a position. I'll let price come to me and wait for confirmation.
The bear market is over. The bears are f*cked.
BTC
1.39%
Bullish
Technically, this is a strong signal that has always shown the end of the bear market.
Now, I'm watching the 50W MA closely to see whether it turns into support. Historically, after $BTC breaks above this level, price often comes back to retest it before continuing higher.
That's why I'm watching the $78K-$77.6K area closely. I want to see how BTC reacts if we get that retest.
And there's another interesting factor, if $BTC continues moving sideways, the 50W MA will keep moving higher, meaning the potential support zone could rise with it.
Today is my Monday, so I'm in no rush to enter a position. I'll let price come to me and wait for confirmation.
The bear market is over. The bears are f*cked.
BTC
1.39%
Bullish
