Last week’s analysis post ‘Bitcoin Moved the Weekly Needle‘ ended stating that “Pushing the resistance line up and forward demonstrates price action strength.”
Here’s the weekly chart that was presented:
Well, BTCUSD demonstrated a strong continuation last week, keeping its course.
On its way up, Bitcoin broke above both of the previously registered resistance lines: the 12-week EMA and the 17-week SMA.
Here’s the current view:
The cryptocurrency keeps “pushing the resistance line up and forward,” and the newest line, as can be seen from the above chart, is the 22-week SMA, which functions as the best respected body resistance line as well as the best respected wick resistance line.
The week has only just begun, but we can already see that BTCUSD opened below the 22-week SMA line and now trades above it. Therefore we know the line will lose its ‘best respected wick resistance line’ title. We’ll have to wait for the week to end to tell about the ‘best respected body resistance line’ title.