[ Jump to the 2023-06-04 update ]
If Bitcoin’s weekly chart looks somewhat familiar, that’s because its candles are strolling close and below its best respected weekly resistance lines – the 78-week (body) and 79-week (wick) SMAs.
We saw this stroll BTCUSD presents with Netflix’s stock (NFLX) in the last few weeks, which ended up with a strong break to the up side.
Check out BTCUSD’s weekly chart and compare it with NFLX’s weekly chart:
The support lines are still far from the resistance lines, and their angle is not as sharp as seen with the NFLX weekly chart. That may call for additional brewing time before a possible break out. On the other hand, the cryptocurrency is known for its volatility and a break out may be nothing more than imminent.
2023-06-04 Update
The price action of the last week continued the pattern of trading just below the resistance lines:
The last candle inked a higher low and the highest body price (of the open) printed $75 below the 78-week SMA body resistance line. A zoom in view shows how close that was:
Game is still on.