Bitcoin might not have been the best performer over the last few weeks, with altcoins and DeFi projects taking the crown.
But, that doesn’t mean that Bitcoin is down and out, far from it. On the weekly charts, Bitcoin is appearing rather bullish.
If it can keep up its current momentum, we could see Bitcoin touch $13,383 in the next week or so.
Reaching the Fib Retracements
As it stands, the $11,542 level has gone from heavy resistance to a key support level for Bitcoin, and we’re currently hovering around there.
If Bitcoin bulls can use this support to mount a nice upwards movement, there’s a good chance it could touch the 0.382 fib retracement level from $20,000.
We say this because the $20,000 macro trend line correlates with Bitcoin’s price action over the past few weeks.
Taking a trend line up from the bottom of Its dip down to $3,918 on March 9th all the way up through its recovery, we end up with a firm price of $13,383 by early November.
So far, this upwards trend line is holding and Bitcoin is bouncing very nicely from it, hinting that this could be on the cards.
A Bullish Outlook
Bitcoin’s dominance is shrinking slightly, and this has played in the recent stagnation where we’ve seen very little movement.
Our weekly chart that suggests a $13,383 Bitcoin correlates with the necessary climbs and pull backs in order to reach our long-term goal of $19,000.
So, if we can carry on this momentum and if the DeFi rug is pulled, then Bitcoin dominance will surge and so too will its value.
Bitcoin has managed four weekly closes above its previous resistance levels, and this is an encouraging sign.
A Great Time to HODL
If you’ve got some Bitcoin kicking around or you’re waiting to cash out a win, then we really recommend that you hodl on a bit longer.
If you can afford to, topping up your bags might be a great idea at this point, as the charts are looking very promising.
Should you wish to play the climb up to $13,383, then we’d suggest putting an order in the book between the $12,800- $13,000 range, meaning you should be able to take some profits.
There is some resistance around here, and you would be adding to it, but profits are profits, right?
It’s not likely that we’ll see a weekly close below $11,480, but if we do, then it might be worth placing a short order.
There is a fair bit of resistance alongside the support, meaning if the bears win that battle, it’s a straight drop down to $10,506.
Keep an eye on the weekly charts as these will be your best chance at making some long-term gains.
Do remember that this is just our advice and is not us telling the future. We’re simply going by the charts!