Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $30,200 overnight Sunday-Monday. Over the past 9 weeks, bitcoin has continued to close the week down from the previous week. The previous record was 6 red weeks until Bitcoin broke it at the end of May.
Today, bitcoin price is $29,788, and it needs to break $30,280 to avoid 10 red candles in a row. The current price has acted as resistance for continued downward movement since breaking out in December 2020.
As can be seen in the graph above. The last time bitcoin fell around the $30k level; it was only roughed up on the weekly frame. Every time bitcoin fell below $30,000 in 2021, it closed above $31,683, but it hasn’t reached that price since May 9. The next resistance would be a pullback in 2019 around $8,000.
While no one is predicting a drop to 2019 levels, the current price point means bitcoin is moving into uncharted territory. Bitcoin’s all-time high in the last cycle was $19,740, and it has never touched the all-time high of a previous cycle. The 2017 all-time high should act as extreme resistance from the bulls who don’t want to show weak price action invalidating a continued uptrend.
