Welcome to our latest blog post! In this edition, we'll be taking a closer look at the weekly charts for Bitcoin and Ethereum to understand the key levels to watch.
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As for Bitcoin, the chart is looking promising with similarities to its previous bull markets in 2019 and 2015. To confirm a bullish market, it needs to consolidate above the Rider band and for the money flow line on our oscillator to change to green. We'll be monitoring these indicators closely in the coming weeks.
BITCOIN CHART
Please check the numbers on the chart for reference
1) We just had a complete weekly candle above band, very good! remember this is a 1W chart, it can go lower to 25K and still be above band. 2) Trend support is right now at 20K and buy area at 15-16K , personally i don't think we will revisit those levels shortly but it is still an option if money flow does not flip green. 3) There is a resistance level at 28.8K aprox which served as support during the previoust to peaks. we will pay attention to this on the following weeks.
4) Money flow still red, bitcoin needs a little push, no rush.
extra: Divider band support is at 20-23K right now.
In conclusion, Bitcoin appears to be on a good path on the weekly chart. However, the money flow line being in red is a cause for concern, and it needs to change to green before we can expect several weeks of bullish growth. In the meantime, it's crucial to continue securing profits.
It's worth noting that there is still significant room for corrections (down to 20k), so it's not the time to use leverage solely based on this chart.
ETHEREUM CHART
Please check the numbers on the chart for reference
1) Price right at 1W trend resistance: 1829
2) Money flow on oscillator still red.
Extra: Price above divider band for a while now, very good.
In conclusion, Ethereum is looking very promising, and I'm waiting for it to break through the weekly resistance level to increase my spot positions.
This chart is not only significant for ETH, but also for altcoins as they are also waiting to see what Ethereum does since Bitcoin is currently stable.
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