Bitcoin is struggling to hold above $60,000 and the sentiments are shifting every time it makes a move up or down.

In this article we will have look at weekly chart and see where everything stands as High timeframes are the best tool to observe the marketing volatility.

Before we discuss the current picture let's see what we discussed in my last week's Bitcoin update.

In my last week's update i said even though we have a good weekly close, it's still under $60-61k zone which creates a confusion that whether we should only pay attention to a bullish candle or a key zone and shared that me personally will wait for that key zone.

So let's jump onto the current picture.

BTCUSD (Weeky)

Last weekly candle tried to push up but it was failed to hold above that previous support zone. This means that level still stands as a resistance and on the weekly chart we do not have a confirmation that Bitcoin is about to go up unless we see it bounce back above this zone an holds.

BTCUSD (Daily)

This was just a one candle up and it was probably a short squeeze. Market makers liquidated traders who shorted $50k zone and Since then price is still struggling.

A strong move up doesn't take much time it's just keeps on moving like the picture below.

Long story short i will personally sit on the sidelines as i do not have a clear trade setup on $BTC right now.

I will wait for the price to either move back above this key $61k zone or i will get into another dip down. Right now it's a waiting for me.

I hope you gets something from this update. What's your opinion on Bitcoin for this week ?