Bitcoin weekly candle closed above $50,000 for the first time in 2 years.

The crypto market is going strong right now with #Bitcoin‬ sitting at $52,000. Bitcoin ETFs sees $2.2B inflows in a week and BlackRock being the leader with $1.6B inflows alone.
How far this can go ? This is what we're going to discuss today based on Price action.
Before we start this week's update this is what we discussed in last week's update.

The price was around $48k when we discussed that there is the room for price to continue to push towards $52k and that will decide what we can expect next. Now that price is holding at $52k lets see what we have on charts.

BTCUSD (Weekly)

The weekly close is pretty strong not only bitcoin closed above $50k but also that $52k zone i marked in my last update.
So what's next ? well technically as the price is bullish and we do not have reason to be bearish i think it is ok to be on the bulls side unless we see a clear invalidation of trend based on the weekly chart.
What price we can target next?
First scenario

The first bullish scenario we have is as price is above $52k on the weekly chart, as long as it holds above $50500 on the daily closing basis we can expect bitcoin to continue moving from here towards $58k to $61k area and this is the area that marked the last top.
You might be wondering why i talked about Daily chart when i attached the weekly chart picture so this is the daily low i want price to hold on the daily chart. Remember the more lower timeframe consolidate the better it is for the high timeframe move.

The second scenario
We can't under estimate the bears stepping in any time.
so bear in mind that even bitcoin pullback towards $45k from here the weekly chart will still remain bullish

We do not have any reason to call for this move as i said we now have daily support at $50k area so as long as price holding above it there is no sign for a price drop.
i'm attaching this just case we see a sharp move down, as it's a weekly update so anything can happen in 7 days. i'm giving you an early update just in case you see a sudden drop you will know what area you should be watching as a potential high timeframe zone.

This is it for this week's #BTC‬ update i hope you understand what i'm saying and learned something from it. i would love to hear your opinions.

$BTC

We saw a nice surge on Bitcoin price last week price bounced from $42200 to over $48,000 which is around +13.3% move in a week. Looking at the weekly chart there is a potential price breakout. The question is where is #Bitcoin heading next based on charts and this is what we are going to discuss in this article.
Before we start this week analysis here is a short overview of what i posted in my last week's $BTC update so that you know what we discussed before and now.
Last week's view

As price was only consolidating so i ended up my update with a short note that it is still bullish and that is what we saw last week. A bullish move up
Now lets dive into the current picture.
BTCUSD (Monthly)

The monthly chart is now slightly above the key monthly level but you do not have any confirmation yet that the area is now broke as long as the candle close above this $47100 ish area. i attached the monthly chart because our weekly analysis will be based on this area.

BTCUSD (Weekly)

Technically that's a breakout on the weekly chart as the candle closed above it but that's not enough. now price should continue to show the strength this is what you expect from the price after a breakout. As long as price holds above $44k on the weekly closing basis. it is okay to continue being a bull. But as i said price should not spend more time here now it should just keep moving up. This is how a valid breakout works.
What price we can target next ?
I pay more attention to the broken structure and pay less attention to what's coming ahead because as long as price holds the structure anything coming ahead of the price will be broken eventually.
But since some of you may want to know so here it is.

The first hurdle for the bulls is sitting at $51800 area it may have a short term impact on price. just in case price broke the psychological $50,000 number. Bears will not accept it and short it and the price may continue to squeeze them untill around $52k. And on the other side bulls will start being excited on $50k break and add more into their positions or open fresh buys.
So there will be a mixture of sentiments from both bulls and bears. Price may squeeze the bear till $52k and trap the late bulls with a rejection from this area. So this is why it is important to pay a close attention to this area for these psychological reasons. it doesn't have to happen this way it's just an assumption just in case we see a break of $50k.

Key area to hold $44k on the weekly as long as it holds above it, bulls can expect more upside.

Once price holds above $52k the roads will be clear for $60,000

I hope you understand the $BTC update learned something it. I would love to hear your feedback.

#TrendingTopic