Weekly Bitcoin Technical Analysis (December 27th, 2021)
History for the week (From 20th-26th/Dec, 2021)
Opening price: $46,681, closing price: $50,775 => Spread is $3322, up about 8.8%).
Highest price: $51,810, lowest price $45,558 => Spread is $6252 (According to data from Binance exchange).
BTC/USDT weekly chart
On the weekly chart, all signs of a long-term uptrend are still intact. The price closed forming the bullish engulfing candle of the previous 2 weeks. This positive sign brings optimism to the market after the panic selling at the beginning of this month. Whether Bitcoin has ended its correction to enter a strong bull phase, we need to move to a shorter time frame for a more accurate analysis.
BTC/USDT 1D chart
The RSI and MACD are supporting the uptrend while the bands tighten during a period of low volatility. The probability is that Bitcoin price will move sideways in the next few days with a range between ~$52,000 and ~$48,600 or between ~$52,000 and ~$45,500. If there is a close above 52,000, the Bitcoin price can break above the resistance area at ~$55,000.