BTCUSD - 1W Chart Analysis
Even if the price of Bitcoin has moved more sideways in the last 4 months, there are several interesting aspects that can lead us with the thinking to a positive scenario.
Therefore, since the last week of November and until today, we could see that the price moved between the Support Level and the Resistance Level 1 on a 1W chart, but what is the most important thing to notice is the 3rd consecutive week which is about to be registered with more consistent trading volumes than before.
This price increase has been signaled in advance by MACD's position at the top of the Signal but also by the "fast" line of Stochastic which is also above the "slow" one.
Regarding the general trend, this has been cnstantly bearish for a long time and despite the changes in price direction, the latter has not managed to "break" the 20 days Moving Average.
Today, these positive circumstances still exist and if the trading volumes will maintain at least the same consistency, there are big chances for the price to continue it's slight rally towards the Resistance Level 1 in the next 1-2 weeks.
On the other hand, if trading volumes will drop, the actual positive scenario has great chances to come to an end, with the price heading towards the level of $ 3366.
Therefore, since the last week of November and until today, we could see that the price moved between the Support Level and the Resistance Level 1 on a 1W chart, but what is the most important thing to notice is the 3rd consecutive week which is about to be registered with more consistent trading volumes than before.
This price increase has been signaled in advance by MACD's position at the top of the Signal but also by the "fast" line of Stochastic which is also above the "slow" one.
Regarding the general trend, this has been cnstantly bearish for a long time and despite the changes in price direction, the latter has not managed to "break" the 20 days Moving Average.
Today, these positive circumstances still exist and if the trading volumes will maintain at least the same consistency, there are big chances for the price to continue it's slight rally towards the Resistance Level 1 in the next 1-2 weeks.
On the other hand, if trading volumes will drop, the actual positive scenario has great chances to come to an end, with the price heading towards the level of $ 3366.
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