{"id":435560,"date":"2020-08-19T17:00:28","date_gmt":"2020-08-19T17:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=435560"},"modified":"2024-06-11T08:36:15","modified_gmt":"2024-06-11T08:36:15","slug":"why-this-weekly-close-in-bitcoin-is-critical-for-bullish-continuation","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/why-this-weekly-close-in-bitcoin-is-critical-for-bullish-continuation\/","title":{"rendered":"Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation"},"content":{"rendered":"<p><a href=\"https:\/\/ktsl888.com\/2020\/08\/16\/easy-money-coinbase-crypto-coins-grow-over-50-on-average-in-august\/\">Bitcoin price has been flying<\/a> over the last few weeks, ever since the cryptocurrency broke free from its tight trading range and took out $10K resistance. Within days, the cryptocurrency found itself trading over $12,000, where it has failed to hold thus far.<\/p>\n<p>For bulls to keep the momentum going, this weekly close is especially critical. Here&#8217;s why, along with which levels bulls must defend on weekly and monthly levels for the rally to continue.<\/p>\n<h2>Minor Crypto Market Correction, Or At Risk of Reversal?<\/h2>\n<p>The leading cryptocurrency by market cap spent nearly three full months consolidating before taking out resistance at $10K. The key level, as expected, triggered widespread <a href=\"https:\/\/ktsl888.com\/2020\/08\/16\/easy-money-coinbase-crypto-coins-grow-over-50-on-average-in-august\/\">FOMO across the crypto market<\/a> and helped altcoins break out into explosive rallies of their own.<\/p>\n<p>Bitcoin has started to pull back, among one of the most significant corrections since the uptrend began back in March. The cryptocurrency has increased in value by over 230% from Black Thursday lows and is gearing up for a new long-term uptrend.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/08\/19\/same-indicator-that-called-march-plunge-raises-chances-for-big-bitcoin-drop\/\">Same Indicator That Called March Plunge Raises Chances For Big Bitcoin Drop<\/a><\/strong><\/em><\/p>\n<p>But before that can happen, bulls must defend current levels and ensure the weekly candle doesn&#8217;t close as a bearish reversal pattern.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-435579 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/btc-usd-weekly.png?fit=860%2C860\" alt=\"bitcoin btcusd weekly evening star doji\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Weekly Evening Star Doji Reversal Pattern | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<h2>Bitcoin Weekly, Monthly, And More At Risk Of Evening Star Doji Pattern<\/h2>\n<p>Bitcoin price action as of this week pushed the cryptocurrency to a <a href=\"https:\/\/ktsl888.com\/2020\/08\/18\/bitcoin-plunges-under-12000-after-breakout-heres-what-could-come-next\/\">yearly high of $12,400<\/a> before a rejection took the asset down by nearly $800. The crypto asset is now making another attempt to get back above $12,000 &#8211; something that bulls must achieve to ensure that the weekly candle doesn&#8217;t close with an ominous pattern.<\/p>\n<p>If BTCUSD closes at current levels, the cryptocurrency is at risk of erasing much of its recent gains thanks to an <a href=\"https:\/\/ktsl888.com\/topic\/common-types-of-japanese-candlesticks\/\">evening star doji pattern<\/a> forming on weekly timeframes.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-435576\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/btc-bottom-trendline-wedge.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Weekly Rising Wedge Pattern | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>Coinciding with the bearish candlestick reversal signal is a large rising wedge structure with a top trendline dating back from Bitcoin&#8217;s bear market bottom. Zooming out, the trendline appears even more significant, connecting more than one long-term Bitcoin bottom.<\/p>\n<p>Bulls will need to close above $12,200 to eliminate the risk of such a reversal playing out. If bulls manage to prevent collapse before this weekly close, they will still need yet another week of a strong finish.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-435577\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/btcusd-2w.png?fit=860%2C860\" alt=\"bitcoin btcusd weekly evening star doji td two week \" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Two-Week TD 9 Sell &amp; Evening Star Doji Reversal Pattern | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>On two-week timeframes \u2013 a not often used segment \u2013 the TD 9 sequential indicator is calling for a top in BTCUSD. Zooming out, the TD 9 on two-week timeframes has called nearly every major top in Bitcoin \u2013 most recently the top last year in June 2019.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/ktsl888.com\/2020\/08\/14\/bitcoins-bull-run-is-here-and-history-shows-20ma-is-the-level-to-buy-btc\/\"> Bitcoin\u2019s Bull Run Is Here\u2014And History Shows 20MA is the Level to Buy BTC<\/a><\/strong><\/em><\/p>\n<p>Beyond that, just a day after the two-week close, Bitcoin price will face its August monthly candle close, where it also risks closing with the same reversal candle. A monthly close below $11,250 will form the <a href=\"https:\/\/ktsl888.com\/topic\/common-types-of-japanese-candlesticks\/\">evening star doji candle<\/a> across the important high timeframe segment.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-435578\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/btc-usd-monthly-.png?fit=860%2C860\" alt=\"bitcoin btcusd monthly evening star doji\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Monthly Evening Star Doji Reversal Pattern | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p>With so much on the line, bulls will need to push hard to show the world that the next crypto bull run is ready to begin. Otherwise, bears will regain control and keep crypto under wraps a bit longer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been flying over the last few weeks, ever since the cryptocurrency broke free from its tight trading range and took out $10K resistance. Within days, the cryptocurrency found itself trading over $12,000, where it has failed to hold thus far. For bulls to keep the momentum going, this weekly close is especially critical. Here&#8217;s why, along with which levels bulls must defend on weekly and monthly levels for the rally to continue. Minor Crypto Market Correction, Or At Risk of Reversal? The leading cryptocurrency by market cap spent nearly three full months consolidating before taking out resistance at $10K. The key level, as expected, triggered widespread FOMO across the crypto market and helped altcoins break out into explosive rallies of their own. Bitcoin has started to pull back, among one of the most significant corrections since the uptrend began back in March. The cryptocurrency has increased in value by over 230% from Black Thursday lows and is gearing up for a new long-term uptrend. Related Reading | Same Indicator That Called March Plunge Raises Chances For Big Bitcoin Drop But before that can happen, bulls must defend current levels and ensure the weekly candle doesn&#8217;t close as a bearish reversal pattern. BTCUSD Weekly Evening Star Doji Reversal Pattern | Source: TradingView Bitcoin Weekly, Monthly, And More At Risk Of Evening Star Doji Pattern Bitcoin price action as of this week pushed the cryptocurrency to a yearly high of $12,400 before a rejection took the asset down by nearly $800. The crypto asset is now making another attempt to get back above $12,000 &#8211; something that bulls must achieve to ensure that the weekly candle doesn&#8217;t close with an ominous pattern. If BTCUSD closes at current levels, the cryptocurrency is at risk of erasing much of its recent gains thanks to an evening star doji pattern forming on weekly timeframes. BTCUSD Weekly Rising Wedge Pattern | Source: TradingView Coinciding with the bearish candlestick reversal signal is a large rising wedge structure with a top trendline dating back from Bitcoin&#8217;s bear market bottom. Zooming out, the trendline appears even more significant, connecting more than one long-term Bitcoin bottom. Bulls will need to close above $12,200 to eliminate the risk of such a reversal playing out. If bulls manage to prevent collapse before this weekly close, they will still need yet another week of a strong finish. BTCUSD Two-Week TD 9 Sell &amp; Evening Star Doji Reversal Pattern | Source: TradingView On two-week timeframes \u2013 a not often used segment \u2013 the TD 9 sequential indicator is calling for a top in BTCUSD. Zooming out, the TD 9 on two-week timeframes has called nearly every major top in Bitcoin \u2013 most recently the top last year in June 2019. Related Reading | Bitcoin\u2019s Bull Run Is Here\u2014And History Shows 20MA is the Level to Buy BTC Beyond that, just a day after the two-week close, Bitcoin price will face its August monthly candle close, where it also risks closing with the same reversal candle. A monthly close below $11,250 will form the evening star doji candle across the important high timeframe segment. BTCUSD Monthly Evening Star Doji Reversal Pattern | Source: TradingView With so much on the line, bulls will need to push hard to show the world that the next crypto bull run is ready to begin. Otherwise, bears will regain control and keep crypto under wraps a bit longer.<\/p>\n","protected":false},"author":517,"featured_media":435562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-435560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation<\/title>\n<meta name=\"description\" content=\"Bitcoin price has been flying over the last few weeks, ever since the cryptocurrency broke free from its tight trading range and took out $10K resistance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/why-this-weekly-close-in-bitcoin-is-critical-for-bullish-continuation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price has been flying over the last few weeks, ever since the cryptocurrency broke free from its tight trading range and took out $10K resistance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/why-this-weekly-close-in-bitcoin-is-critical-for-bullish-continuation\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T17:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:36:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/bitcoin-bull-fight-weekly-close-bullish-barish-Depositphotos_213332456_xl-2015-scaled.jpg?fit=2560%2C1536\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1536\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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