Bitcoin
$16,962.67
-3.86
Ethereum
$1,276.34
-1.02
Litecoin
$76.98
+0.49
DigitalCash
$45.03
+0.13
Monero
$147.16
+2.86
Nxt
$0.00
-0
Ethereum Classic
$19.53
0
Dogecoin
$0.10
-0

Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $30,200

0

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Bitcoin can avoid a 10th weekly red candle in a row if it closes above $30,200 on Sunday night, June 5. The past 9 weeks have seen Bitcoin continue to close out the week down on the week before. The previous record was 6 red weeks until Bitcoin broke it in late May.

bitcoin weekly candle
Source: BTCUSD TradingView

At the time of writing, the price of Bitcoin is $29,788, and it needs to break $30,280 to avoid 10 red candles in a row. The current price has acted as resistance to further downward movement since it broke up in December 2020.

bitcoin resistance
Source: BTCUSD TradingView

As can be seen from the chart above. The last time Bitcoin dropped around the $30k level; it only wicked down on the weekly timeframe. Each time Bitcoin dropped below $30k in 2021, it closed above $31,683, yet it has not reached that price since May 9. The next resistance would be one setback in 2019 at around $8,000.

While no one predicts a drop to 2019 levels, the current price point means Bitcoin is moving into unchartered territory. The all-time high of Bitcoin during the last cycle was $19,740, and it has never touched the all-time high from a previous cycle. 2017’s all-time should act as extreme resistance from bulls’ not wanting to show weak price action by invalidating a continuing bullish trend.

Leave A Reply

Your email address will not be published.