BTC Posts First Green Weekly Candle in 10 Weeks; Bull Run Incoming?
2022.06.06 16:26
BTC Posts First Green Weekly Candle in 10 Weeks; Bull Run Incoming?
- After a 9-week long retracement, Bitcoin (BTC) finally closes a week off on a good note.
- BTC’s price posted a 5.19% gain in the last 24 hours.
- TA has not yet confirmed that we are entering a bull run with BTC.
After a 9-week long retracement, Bitcoin (BTC) finally closes a week off on a good note, posting a green weekly candle for the first time in this retracement. Now that BTC has taken a break from its downtrend, is there a confirmation that a bull run is on the cards for the market leader?
According to the crypto market tracker, CoinMarketCap, BTC’s price posted a 5.19% gain in the last 24 hours. The weekly performance of BTC is also in the green, with its price posting a 1.94% gain over the last seven days.
BTC’s price has also broken past the key $30k level, which has been a long-standing resistance level for BTC, as the price of BTC is around $31,294.37 at the time of writing (9:05 GMT + 2). The level of trading volume has also picked up for the crypto and has increased by 56.38%. However, this can be largely attributed to the fact that it is the start of the week.
Still some bearish momentum for BTC (Source: TradingView)
Looking at the weekly chart for BTC, we can see that the first green candle has been formed on the chart following the nine red candle streak. However, there is still a fair amount of bearish momentum that BTC has to overcome on the weekly chart before we can confidently say that we are entering into a bull run.
One major confirmation would be if the price of BTC is able to breach the next resistance level at $33k. This will also elevate BTC’s price above the 9 EMA line, which, at the moment, is underneath the 20 EMA line. This is still a bearish flag.
Another indicator to watch out for is the RSI line, which is now sloped positively towards the RSI SMA line. A small bull run will be confirmed if the RSI line breaks above the RSI SMA line and BTC’s price rises above the 9 EMA and maintains that position.
Lastly, should the 9 EMA line cross the 20 EMA line, then we can expect several week-long upswings for BTC.
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