Hello dear traders.
As you know, there is a sign๐ก for everything in this world.
For example, before the arrival of spring, the snow will melt, the trees will bloom, and the cold weather will gradually disappear.
In the world of cryptocurrencies, there is a sign for everything, too๐๐ป. There are many ways and signs for upward and downward movements or distinguishing scam crypto projects from good ones.
As you can see in this chart, Bitcoin was stuck in a downward trend for about 60 weeks, but in this post, I will examine the positive and negative signs for Bitcoin in the weekly time frame.
First, let's follow the โPositiveโ signs together.
โIn the chart, it is clear that the downward trend line has been broken.
โAs mentioned in the previous posts, the Golden Cross signal has been seen in the daily time frame.
โIf the current candle closes above the resistance zone and the price of $25,214, Bitcoin has risen above its previous Lower High(LH), which will be another positive sign for Bitcoin.
Now it's time to check the dramatic and โNegativeโ scenarios:
โLosing the โซ๏ธUptrend line(Monthly Time Frame)โซ๏ธ is one of the negative signs for young Bitcoin.
โBitcoin is approaching its ๐ดheavy resistance zone($)๐ด, which can be a bad sign.
โBitcoin is also moving near the ๐ฃyearly pivot point($26,743.45)๐ฃ.
โAnd the last sign is that, as you can see in the chart, there is a ๐ตdivergence between price and volume๐ต.
Another point that Bitcoin can grow up or return to the ๐ขheavy support zone($19,950-$17,530)๐ข is the presence of the CME gaps on the chart.
If the weekly candle closes above the ๐ดresistance zone($25,290-$24,370)๐ด (closes in about two days). Bitcoin can be expected to grow until the first gap($28,740-$27,365).
If the weekly candle closes below the ๐ดresistance zone($25,290-$24,370)๐ด , Bitcoin has seen a bull trap, and we can expect to touch the lower gap($21,110-$20,330).
Considering all these signs I have found, I would also like to know your ideas.๐
How many of these signs did you come acrossโ๏ธโ
Or according to what kind of signs do you check Bitcoin movementsโ๏ธโ
Also, if you have any questions, ask me in the comments.๐ฌโค๏ธ