Bitcoin (BTC USD) Technical Chart And Price Analysis For This Week
Bitcoin looks great on the technical chart this week on both daily and weekly charts. We have tried to analyze on technical chart.
Bitcoin is on fire and it is following a classical phase of Accumulation, Rally, Peak and Repeat sequences since then it bottomed out in December 2018.
If you see the chart, no need to go into deeper detail, it’s quite self-explanatory. The following chart is on the daily time frame, while the RSI is on a weekly time frame.
The sequence starts initially with an Accumulation Phase followed by a Golden Cross, which ultimately led to a parabolic rally. The chart has been taken from tradingview.com.
Now it seems that Bitcoin is on the third successive such sequence. It has already formed a Golden Cross, then there is an accumulation.
Also, on the daily chart, it has crossed the strong resistance of 49700-49900 convincingly. It may consolidate above this price for some time and then will start the new journey afresh towards 60000, and higher levels.
As long as, it remains above the 49,900 level, there is no threat to the bullish trend. From an indicator perspective, price is above volume on the Hilega-Milega indicator on the weekly chart, and it’s going upwards.
Can you see the cup and handle formation on the weekly chart? Do you need any further explanation? The best chart does not need an explanation. The breakout on a weekly chart holds more water than a daily chart.