Bitcoin Looks Less Exciting on the Weekly Chart

Bitcoin Looks Less Exciting on the Weekly Chart
December 26 20:27 2018

As most know I firmly believe in looking at multiple time frames when analyzing price charts and making decisions.

Weekly Time Frame

A larger time frame I favor is the weekly.   It gives such a great snapshot of true price action over an extended period.

After getting the nice bounce in bitcoin last week I wanted to take a look at this time frame to see what my thoughts would be.

Meh, Ok

Sadly, that was my initial reaction when seeing this chart…

It was nice to have a quality green candle last week, but there is plenty of work to still be done before one can truly get excited about a positive price tone.

In fact, the more I looked at this chart the more it just looks like a relief rally from all the selling.  I’m not seeing much more than that at the moment.

Ugh, I’m tired of sounding so negative on price, but I’d rather keep it real.

Price definitely needs get up into the mid-4k area and say hello to the 10 period moving average as a first baby step toward higher prices.

As you can see if that 3200 area support were to break down there is a scenario where 1,850 could come into play.

Yes, you may pretend you did not just see that.

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