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Weekly BTCUSD analysis

Bitcoin had a second strong weekly performance while price broke above the resistance area of $8,000. Price has exited the downward sloping wedge pattern and bulls now feel more in control. However there are still many obstacles ahead in order to reach 2019 highs.

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Red lines -wedge pattern

Bitcoin has so far two strong weeks and the most important part is that price is reversing its trend and exiting the wedge pattern from the 61.8% Fibonacci retracement level. This increases the chances of a longer-term turn around. The $7,000 price level could very well be a long-term bottom. Bulls need to continue to see prices make higher highs and higher lows. At this point it would be important for bulls to respect $6,850 and not see a price below that level. Daily trend is bullish. Next target is $9,200 and next at $11,000. Only a break above the second target will increase the chances of breaking above 2019 highs.

The material has been provided by InstaForex Company - www.instaforex.com