It’s been a fairly exciting week for Bitcoin bulls, with rally upon rally feeding into the bullish sentiment. Although the weekly is not closed as of typing, Bitcoin saw its value jump 14% this week to $9169,5(Bitfinex). However, it seems that for all the gains achieved this week, Bitcoin has found itself staring at a significant high-time frame resistance zone on the weekly and daily charts.
Bitcoin Weekly Analysis
To understand where we might be going, let’s break down where we’ve been in weekly chart retrospective review. After an explosive first half on 2019, the second half of 2019 saw bitcoin’s price establish a series of entrenched bearish market structure; Lower lows and lower highs. This trend continued till mid December 2019, where after a period of consolidation and a fake-out to the downside, bitcoin managed to break its weekly pennant, push past prior lows of 7700 and then over 40% from the lows at $6477.
However, technically speaking, bitcoin has yet to firmly establish a break in larger bearish structure, and has…