BITCOIN WEEKLY STRUCTURE IS TURNING BULLISH.
Bitcoin is showing two major bullish signals on the weekly chart.
1. Weekly MA 50: Historically, when BTC closes back above this average, a major bull trend has followed. Bitcoin could retest this level near $76,580, which has often been a good buying opportunity.
2. Weekly RSI: The 44 level has separated bull and bear markets in previous cycles. RSI is now at 59, putting Bitcoin back in the bullish zone.
Both indicators are now bullish.
This doesn't mean Bitcoin will pump straight to its previous high, but it shows the weekly trend has shifted from bearish to bullish.
$BTC
Bitcoin is showing two major bullish signals on the weekly chart.
1. Weekly MA 50: Historically, when BTC closes back above this average, a major bull trend has followed. Bitcoin could retest this level near $76,580, which has often been a good buying opportunity.
2. Weekly RSI: The 44 level has separated bull and bear markets in previous cycles. RSI is now at 59, putting Bitcoin back in the bullish zone.
Both indicators are now bullish.
This doesn't mean Bitcoin will pump straight to its previous high, but it shows the weekly trend has shifted from bearish to bullish.
$BTC