- Another down week for Bitcoin and still no fireworks after the halving.
- The weekly candle looks very indecisive and grapples with 9K.
BTC/USD weekly chart
Bitcoin is heading for its second weekly bearish close and for the third week, the price has not been able to close above the magical 10K mark. The weekly chart below shows that the market is still in a technical downtrend with another potential lower high created. Although this time the wave low the price needs to break is pretty far down at 4K.
The black downtrend line is the key technical level and if the price breaks above then there could be a run on the resistance zones above. On the downside, there are multiple support levels to look out for. The major moving averages are below current levels and 7K level has been a strong pivot zone in the past too.
Importantly, the Relative Strength Index indicator is still above the 50 mid-line. This could mean that if we do make a wave low it could be a higher low and then the next major resistance is the 10K once again. Obviously, this scenario will take some time to play out so some patience will be needed.