Charts: Bitcoin chart for the week.
Bitcoin in Various Currencies
The following day saw the usual pattern of higher daily lows. This momentum was used on Tuesday, and Bitcoin was able to break through the USD 19, mark for the first time this year, setting a new annual high.
On Wednesday, another higher daily low of 18, was recorded, but the daily closing price was below USD 19, This was followed on Thursday by the first major correction since the rise on October 21, which started at around USD 12, A sell-off led the Bitcoin price at the daily low to the first supports above USD 16, The close of the day was marked at USD 17, Friday was a classic turning point with how to help a person make money trading range of a good USD 1, and a daily closing price close to that of the previous day.
This was followed by two green candles with higher daily lows and highs, which took the Bitcoin price back above the USD 18, mark at the end of the week. This led up to the make money account zones starting at USD 10, After a renewed rejection at the beginning of June, an almost two-month consolidation was observed.
This was characterized by a series of higher daily lows and lower daily highs. The series of lower highs was broken on 22 July. This was followed on July 27 by a break through the resistance zone around USD 10, which has been established since August and which Bitcoin has already failed to break several times. The resistance zone around USD 10, was interesting in several respects. On the one hand, it contained the 0. On the other hand, the zone around USD 10, simultaneously served as a confirmation of the still bearish trend of lower highs since December see next section.
BTC Historical Prices
This zone now counts as a significant support Bitcoin chart for the week. Bitcoin has been able to establish itself above the newly created support in the USD 10, zone since the end of July.
This support was confirmed by a re-test in early September and has since then served as the beginning and important pillar of the recent positive trend. Since then, further significant resistance zones have been overcome.
On October 21, for example, the resistance zone around USD 12, was breached, which became established as early as January and has served as the zenith for the Bitcoin price on several occasions since then see macro outlook. An impressive act of strength and a first-class proof that the market is serious about the trend reversal that has been initiated this year.
The breakthrough was reinforced by the simultaneous break of the upper trend line of the trend channel that has been forming since March light blue. This led to a strong accentuation of the uptrend from the beginning of November, which most recently brought the Bitcoin price in a parabolic rise to the all-time high of December Outlook The parabolic rise, which catapulted the Bitcoin price from USD 12, to almost USD 19, Bitcoin chart for the week 34 days, came to a temporary end in the reporting week.
In the reporting week, just below the all-time high, a first strong rejection occurred, which led Bitcoin directly back to the support zone above USD 16, 1.
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This is also where the 0. With the price movements last week, a foundation was created that is necessary to reach or even exceed the highs of again.
However, in order to achieve higher price targets, a sustained movement is necessary. In order for this to succeed, the recently overcome resistances should be respected as support in the coming weeks green.
The zone between USD 12, and 14, remains an important pillar. In addition to old resistances that now serve as support, the interesting 0.
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A basic support has also formed at around USD 12, Serving as resistance since Augustthe lower trendline of the channel that has been established since March blue is now also located within this support area. Similarly, the day moving average 4 moves accentuated into this zone. This broke the series of lower highs that had lasted for weeks.
Since the breakthrough of the bearish trend, the signs of a valid trend reversal have become stronger.