Our last post on Bitcoin, What’s Up (Down) With Bitcoin (BTCUSD)?, showed that BTCUSD has been respecting its 7 and 8 week SMAs as the body and wick resistance lines, respectively, since November 2021.
The current week just started and BTCUSD’s price already trades above these lines:
While this means that the wick resistance line has been breached, we have to wait to the week close to learn about the breach status of the body support line.
If the last trade of the week closes above the 7 week SMA line (currently at $41,847.95) then BTCUSD will have breached both lines to the upside. Should the last trade of the week close below that line, then the 7 week SMA line will have continued demonstrating strong resistance.