Bitcoin price closed the week up 1.5% at $3789, despite the green candle close, the bears have taken control in the early hours of Monday morning, pushing Bitcoin price back into the $3600 range. We take a look at what this means for the week ahead.
BITCOIN PRICE ANALYSIS: WEEKLY CHART
The weekly chart for bitcoin shows Bitcoin price 00 continuing to be locked within the trading range of $4100 and $3200, with only a few hours of trading $100 either side, for 15 weeks now.
For the bulls, there are relatively positive signs in the weekly chart with bitcoin price printing higher lows and making an attempt at higher highs.
The MAC-d is also crossed bullish with its signal line, and the histogram printing a higher high last week. The mac-d itself is still below zero but is trending upwards.
Looking further at the Mac-d, not only is the mac-d crossed bullish, but it has built a double bullish divergence across a 12 month period. This is an unusual event, which as only occurred previously in March 2015. The key thing traders…