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Bitcoin Continues Offensive After Six Weeks of Growth

  • Bitcoin hits weekly resistance around $ 7,800.

  • Price is approaching the top of the fourth Elliott wave.

  • BTC is in line with a short-term upward channel.

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Over the past week, bitcoin has risen well in price, rising from a minimum of $ 6751 to $ 7738, and this was the sixth consecutive week of growth.

This is the longest series of growth since April-May last year, when seven bullish weekly candlesticks were recorded in a row, followed by a bearish engulfing candlestick pattern..

Weekly forecast

Bitcoin has reached strong resistance today at around $ 7,800. In October 2019, this area acted as support, and the next month acquired resistance status.

Then, in March of this year, the quotes made a bearish breakout of that level, and now the token As usage increases new cryptocurrencies types of tokens. They can represent value or something intangible like voices. Two … More returns the given area, the breakout of which has not yet taken place.

Moreover, the relative strength index on the weekly chart reached 50, which can act as resistance and provoke a rebound in the indicator. This scenario assumes a sharp drop in both quotes and the RSI itself.

Wave analysis

Bitcoin has been falling in price since February 13, accelerating the fall on March 7, after which prices found the bottom.

Bitcoin Continues Offensive After Six Weeks of Growth

Then the rapid decline was like the third wave in the Elliott formation.

Bitcoin Continues Offensive After Six Weeks of Growth

If so, now the token is in the fourth wave, which theoretically should be replaced by the final, bearish wave.

The current wave is being realized within the A-B-C formation. The most likely level for its completion is the $ 8000 mark, where the level of 0.786 Fibonacci retracement relative to the second wave also passes. On the other hand, a rise above $ 8500, where the first wave is at the bottom, invalidates the assumption of a wave structure..

Short-term dynamics

In the short term, bitcoin is trading in the $ 7450- $ 7600 range, which was broken higher on April 26.

Bitcoin Continues Offensive After Six Weeks of Growth

Since then, the price has been increasing smoothly and appears to be within a short-term rising and widening wedge..

So, bitcoin hit a strong resistance level on weekly charts. Perhaps the quotes are approaching the top of the fourth wave of the Elliott formation, which is being formed as part of the upward correction A-B-C. Wave formation is likely to end in the $ 8000- $ 8100 region.



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