Bitcoin WEEKLY TF UPDATE :
Bitcoin on Weekly TF, trying to have a decent closing to bullish side but a strong closing is required to have a to sustain the price. A close above $100,000 would create a Bullish engulfing candlestick, which will shows the buyers confidence. Closing below the $98,000 will be again lead in a ranging market next week.
Bitcoin Weekly TF Update:
Bitcoin is currently attempting a bullish close on the Weekly Time Frame (TF), but for sustained upward momentum, a strong and decisive closing is crucial. Here's the breakdown:
Bullish Scenario:
A close above $100,000 would form a Bullish Engulfing candlestick, signaling strong buyer confidence and potentially paving the way for further upward momentum.
Bearish/Ranging Scenario:
If Bitcoin closes below $98,000, the market might continue to range in the near term, lacking the momentum for a breakout.
Traders should closely watch the closing levels for clearer direction.