Bitcoin (BTC) Aims for New Highs After Bullish Week

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Bitcoin (BTC) increased considerably during the week of Sept 27 – Oct 3, going from a low of $40,753 to a high of $49,228.

It’s currently in the process of reclaiming the $47,850 area. If successful, it could likely lead to a sustained upward move.

Weekly BTC movement

The weekly chart shows that BTC increased considerably during the week of Sept 27-Oct 3, creating a bullish engulfing candlestick in the process.

However, it’s still trading below the ascending support line from which it broke down at the beginning of May. Previously, the support line had been in place since the upward move began in March. Bitcoin is also facing resistance from the supertrend resistance line (red icon).

There are several bullish signs in place such as the increasing MACD and RSI. The latter is above 50.

Therefore, the weekly time frame provides mixed signals for the direction of the trend.

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