Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422
Bitcoin can avoid red candles for 10 consecutive weeks if it closes above $ 29,422 on Sunday night, June 5th. For the past nine weeks, Bitcoin has continued to conclude the previous week. The previous record was six weeks before Bitcoin broke it in late May.
At the time of this writing, Bitcoin is priced at $ 29,788 and should stay above $ 29,422 to avoid a series of 10 red candles. Current prices have served as a resistance to further declines since the dissolution in December 2020.
As you can see from the chart above. Last time Bitcoin fell to around $ 30,000. It became evil only in the weekly time frame. Every time Bitcoin fell below $ 30,000 in 2021, it closed above $ 31,683, but has not reached that price since May 9. The next resistance is to retreat once in 2019 for about $ 8,000.
No one predicts a drop to 2019 levels, but current prices mean Bitcoin is moving into untapped territory. Bitcoin’s all-time high of $ 19,740 in the previous cycle has never been the highest ever since the previous cycle. 2017 should act as an extreme resistance to not wanting to show bullish price behavior by disabling the ongoing bullish trend.
Greenwich Mean Time 5 pm update June 6: Revised weekly candle price targets
