Hello,
Let's do a quick update on Bitcoin and analyze the recent red candle on the weekly.
Weekly Chart - Long term view
- Weekly charts summarize the key points of data for all the daily trading sessions that week.
- This time frame for charts is usually associated with longer-term forecasting and analysis.
- Weekly charts comfortably display one to two years of data on the screen at a time, making them a convenient way for analysts and investors to see the long-term trend of a security Source
BTC Weekly Chart
The downtrend is still strong, (invalidated my 4-hour chart 4-hour chart ) and intact. There is a chance that we could catch a relief rally off of the 200 week MA here. However, any weekly candle that closes below the 200 week would be a devastating technical development. We could easily see a hold here, the 200 week is where the 2018 bear market ended. This retest is significant, and we need to pay attention to how it develops.
BTC Weekly Chart Coinbase
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