Bitcoin - New All Time Highs
On the cusp of Price Discovery Uptrend 3
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Bitcoin - New All Time Highs
Not too long ago, there was doom and gloom and fears of a new Bear Market looming large but as long as price held its 21-week EMA (green), then the trend was intact:
Bitcoin has since reversed phenomenally to the upside from the 21-week EMA:
As price was dropping into the 21-week EMA, Bitcoin was also printing a Hidden Bullish Divergence at the time:
Which has since played out to new All Time Highs:
In fact, in its uptrend Bitcoin has been reclaiming old lost levels back into new supports.
More, Bitcoin has produced its highest-ever Weekly Close, breaking its old multi-month Downtrend (black) as well as its final major Weekly resistance in the process:
With Bitcoin making new All Time Highs now, the final major resistance resides in this logarithmic trendline:
It's clear that this is becoming a weakening point of rejection.
For example, yesterday Bitcoin rejected from there for a -2% dip which has since been completely recovered:
There -2% dip which was promptly bought back is a far-cry from the -30% and -11% rejections that occurred over the past several months.
As a result, there's a very good chance that Bitcoin will break beyond this trendline resistance, given this progressive weakening as a point of rejection.
Bitcoin will simply need to reclaim it into new support in the future.