BTC at weekly resistance - Bears coming back ?
BTCUSD currently sits at the start of the candle that took us out of the consolidation period of November - December 2019. We will most likely experience some resistance here and we might see a pullback.
To overcome this resistance, we need high volume and a weekly close above the 7500 level, ideally above 7600. Without that, we might see doubt kicking in again and price decline to the 6400 level where support should be found.
While I am bullish on BTC in the long term, I give it a slightly higher chance we'll see that pullback, especially given the macro-economic situation we are currently in and despite the upcoming halvening.
To overcome this resistance, we need high volume and a weekly close above the 7500 level, ideally above 7600. Without that, we might see doubt kicking in again and price decline to the 6400 level where support should be found.
While I am bullish on BTC in the long term, I give it a slightly higher chance we'll see that pullback, especially given the macro-economic situation we are currently in and despite the upcoming halvening.
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