Hello Crypto Viewers
We have a very important 24 hours up and coming for bitcoin because last week we actually had bitcoin's candle close above the previous resistance of around the 11,540 level this made the third highest weekly candle close for bitcoin in bitcoins history and currently if we actually zoom in right now it looks like we're trying to put that in again
will this have an effect on $BTC? Institutional demand grows So are we going to actually still put in another higher candle or is this sort of the top and we need to cool off and head back down to around the 9,600 level i think we're going to have our answer relatively soon i do want to talk about that today i want to discuss the fact that we have a battle going on right now between the bears and the bulls and i want to talk about what we could possibly expect where there was a lot of accumulation what levels these guys might be looking at to take profits is this the level should
You be worried big questions lots of people saying this twelve thousand dollar level is going to be very difficult to break above i want to discuss that i also want to talk about the fact that have been in the space for quite some while all of a sudden saying hey you know this bitcoin thing looks pretty promising i think i'm going to hop in and put some of my allocation into it not to mention the fact that warren buffett himself recently just invested into some gold mining
What does this mean for gold what does it mean for bitcoin more specifically why do some people think that this could be good news for bitcoin well we're going to talk about all that today if that sounds good to you so having a look at bitcoin you do notice that we're still in this sort of ascending triangle ascending some people were saying it looks like a wedge kind of depends on how you draw the lines i do think it's more of an ascending triangle because we keep hitting that 12k top you can see that we did get a nice bounce off of the heart line right here we got down to about 11,683 currently
We are up about 150 since that moment however we could fall back down to the bottom of this level continue sideways nothing too interesting but what is interesting is the fact that like i said we did have the third highest weekly candle close for bitcoin ever the past two basically being crazy tops over here right and um actually one two three i'm sorry it would be the fourth highest close i guess i'm sorry guys i actually forgot this first week leading up but regardless guys it was a groundbreaking week that we had and right here you notice that we are having a little bit of an indecisive candle right here but currently we are sitting below it and if bitcoin can close above the 11,688 which actually shows where we kind of had that open right that would be massively bullish for bitcoin now like byzantine general pointed out
He said this range is a beautiful example of how important the weekly open and monthly open levels are and you can see right here we have weekly open now actually acting as support and we have had multiple tests down to that level so you know the thing is is in the bear market people are just sort of exuberantly over exuberantly bearish right no good news can sway it right and now