Just an hour ago, Bitcoin’s weekly candle closed after an eventual week in which the leading cryptocurrency surged from lows near $10,000 to a local high at $11,150. The coin now trades at $10,950 as of this article’s writing, slightly above the ~$10,850 weekly close.
The cryptocurrency, while above the pivotal $10,000 technical and psychological support level, is purportedly still in the middle of nowhere on a macro time frame. Bitcoin will need to move above local range highs or lows to confirm a trend.
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Bitcoin Is In the Middle of Nowhere on a Weekly Time Frame
One analyst remarked that Bitcoin closed the weekly candle in no man’s land despite the 10% rally from the local lows.
He did note, though, that BTC is not exactly bearish. The analyst cited the coin’s ability to move above $10,600. $10,600 is where three separate Bitcoin rallies topped over the past year, making it a level of importance for BTC to hold:
“Closed-back above resistance. I’ve been saying I’ll close my $12k short if that happens and I’ll do so today. We’re trading in the middle of nowhere ($11.5k resistance, $10.6k support) so I’m happy taking the win (amplified by the fact I already closed half at $10.3).”
Chart of BTC's price action since late 2017 with analysis by crypto trader DonAlt (@CryptoDonAlt on Twitter). Chart Read More From Original Source