🅱️ Bitcoin Weekly

The weekly session for bitcoin (BTCUSD) is about to close.

The current price stands right in the middle between EMA21 and EMA50.

Last's week close above EMA10/21 opens the door for EMA50 to be challenged next, meaning $25,000.

Q: What is likely to happen now that $25,000 missed?

Before answering let's look at the weekly RSI.

• A major downtrend has been broken, one that started in January 2021 when the weekly RSI peaked.
  
• January 2021 marked the highest level on the RSI since November 2013 with the ATH being set March of the same year.
  
• The July 2022 low on the weekly RSI marks the lowest level hit since December 2011, actually, the lowest reading ever since in Dec. 2011 the RSI was moving upward and this time it bounced now going up.
  

Once bitcoin hits oversold/weak on the RSI it is time for growth.
The lowest reading in more than 11 years is a signal that should not be ignored.

Back to the question.

Classic price action tells us that we can get a few bearish days the first half of the week and bullish the second half.

Another scenario, fast wick down and then move back up.

There is also the extended correction possibility where bitcoin moves lower to print a higher low and then resume the growth. I consider this one the least likely scenario because new buyers aren't likely to sell and old holders already sold.

Short-term targets between $25,000 and $28,000.
Mid-term targets between $38,000 and $40,000+.

Conclusion: Bitcoin is very likely to continue straight up.

Namaste.