Markets Technical Analysis

Is Bitcoin in a Long-Term Bullish Trend?

By Valdrin Tahiri
Updated by Kyle Baird
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In Brief

  • The Bitcoin price has created a weekly bullish engulfing candlestick and moved above a long-term descending resistance line.

  • There is weekly & daily resistance at $11,400 and $10,450 while support is found at $6500 and $9200.

  • The price has been following a steep ascending support line since the March 13 bottom.

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The Bitcoin (BTC) price has created a weekly bullish engulfing candlestick and moved above a long-term descending resistance line. Weekly Bitcoin Outlook In the weekly chart, the price of Bitcoin (BTC) followed a doji from the previous week by creating a bullish engulfing candlestick. It closed well into the doji resistance from last week, canceling the bearishness and possible reversal
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Valdrin Tahiri

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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