Crucial Week Ahead For Bitcoin

While sentiment certainly moved to a bearish extreme at the beginning of last week, Bitcoin managed to put in a higher low relative to its early November low:

Bitcoin (Weekly)

Chart of Bitcoin with weekly candlesticks, bullish hammer reversal candlestick last week with price rising above support/resistance near $8500 this week. Potential for bullish ‘confirmation’ this week. Next resistance levels near $9200 then $10,000. Decline back below $7800 (on a closing basis) would negate last week’s ‘hammer.’

A higher low with a large bullish hammer reversal candlestick laid against a backdrop of extreme bearish sentiment is a positive sign if i’ve ever seen one.

 

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