For the first time since ATH, Bitcoin rises for seven consecutive weeks

For the first time since ATH, Bitcoin rises for seven consecutive weeks

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10 Comments on For the first time since ATH, Bitcoin rises for seven consecutive weeks

  1. Xazax310

    We’re way overbought ATM and its crazy to still see 5200~. I hate to say this but if we hit 5700-6000 we’re going to see a massive dump back to 4000~ before we can continue. I’m going to call December as the low, and this being the end of the bear market. However, I don’t think we’re going to see continued rise so early.

  2. OliviaPaolo85

    its a good sign anyways bitcoin is on the rise again…. we we can have some assurance and boldness to trade again. #apextradecapital#bitcoinisrising

  3. autemox

    Silly but it has not risen for seven consecutive weeks on all exchanges. The week of march 18 was red for many exchanges.

    I’m a mod over at /r/bitcoinmarkets if you like this stuff join us 🙂 Here are more relevant and meaningful technical indications on the 1 week chart:

    1. We have now had 62% mean reversion from the break down from the large 2018 wedge to the yearly lows (see red circle on fib level). 62% is a very common amount of mean reversion. Mean reversion just refers to the volatility or ‘bounce’ that stocks experience while trending. So if BTC is trending downward it will still see occasional bounces upward, often 62% of local lows and highs.

    2. Volume has spiked on the weekly last week but it still does not amount to large amount of volume from our last movement down. (see red horizontal line on volume). Lower volume indicates that our move up is simple mean reversion and not driven by changes in the market.

    3. Tom Demark (TD) Sequential shows a bearish TD9 on the close of last weeks candle. This is circled along the bottom. I always take TD Sequential with a grain of salt but a lot of traders, especially crypto traders, really like it. They believe TD 9 and TD 13 are both significant. 9 means that we have gone 9 weeks without a candle closing below the candle 4 weeks previous to it. In other words, its been a while since we’ve seen a pullback and we are now ‘overdue’ for a pullback.

  4. lukeengland30

    Dang but some money in Kraken when it hit 4k recently was about to invest as it had gone above 100 day MA then watched a video saying it was going down in price so held back.

    Then it went up to around 4.7k and I said to myself I’d invest when it hits 200day MA turned out it already did so waited for the drop back down to 4.5k.

    Still waiting and now at 5.2k!!

  5. khalifazada

    I think we have one more week of upside movement to go. Slowdown will start at $6k and ~$6.3k will start reversing (aka correcting/reverting back to the mean). My bet is on BTC drawing a “cup” pattern and this is the last segment of the body. Reversal from $6k -> $5k -> $6k will draw the “handle” portion of the pattern.

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