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Path to 100
Bitcoin is showing promising signs on the weekly chart. The long-term uptrend remains intact, as evidenced by the series of higher lows and highs from the $15,460 low to current levels above $65,000.
A key development to watch is the RSI indicator, which is on the verge of crossing above its 21-period EMA. This potential crossover on a weekly timeframe is a significant bullish signal, suggesting building momentum that could support further upside.
Adding to the bullish narrative, the price is approaching a descending trendline resistance. A breakout above this level, coupled with the RSI/EMA crossover, could pave the way for a test of the previous high at $73,835.
Overall, the combination of strong price action, the potential RSI indicator crossover, and the approach to key resistance levels paints a bullish picture for Bitcoin in the medium term. Keep a close eye on how price interacts with the descending trendline and whether the RSI confirms its crossover in the coming weeks.
A key development to watch is the RSI indicator, which is on the verge of crossing above its 21-period EMA. This potential crossover on a weekly timeframe is a significant bullish signal, suggesting building momentum that could support further upside.
Adding to the bullish narrative, the price is approaching a descending trendline resistance. A breakout above this level, coupled with the RSI/EMA crossover, could pave the way for a test of the previous high at $73,835.
Overall, the combination of strong price action, the potential RSI indicator crossover, and the approach to key resistance levels paints a bullish picture for Bitcoin in the medium term. Keep a close eye on how price interacts with the descending trendline and whether the RSI confirms its crossover in the coming weeks.
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