Cryptoanalysis: Bitcoin Hits Largest Weekly Candle in 1.5 Years

With the rise over the past week, Bitcoin’s price reached $35,280. That’s the highest price we’ve seen in a year and a half. So what can we expect this week? Let’s look at the graphs.

With leverage of $35,280

First, let’s take a look at Bitcoin’s weekly chart. Here each candle represents 7 days, giving us a long look back at price trends. This is important to see higher price levels.

Previous support and resistance points can still influence today’s price. They are shown in the image above as a gray area (approximately €30,500) and a black line (approximately €25,000).

Fortunately, the coin managed to find support at the $25,000 mark as Bitcoin’s price was rejected several times at the $30,500 resistance. There were enough buyers to push the price higher – back to resistance at $30,500.

Last week it finally happened: Bitcoin broke out of the gray zone and created a lot of momentum. The price rose to $35,280. But then he faced new resistance.

Will this resistance break?

This is less visible on the weekly chart, so we will also briefly discuss the 4-hour chart. Here each candle represents 4 hours, so we can clearly see the resistance zone around the $35,000 price.

The coin hasn’t surpassed this yet, but it looks like Bitcoin is planning to. The coin continues to make higher lows below this zone, meaning buyers are pushing the price higher. If sell orders come close to the $35,000 resistance as buyers continue to push the price higher, this price will obviously be breached.

The only thing that would hinder the work would be if the currency went lower. In this case, it won’t be surprising if the coin drops to $30,500. Bitcoin has yet to make a comeback since last week’s surge.