BTCManager’s Weekly Cryptocurrency Outlook highlights the price action and technical indicators on a long-term basis to identify the best opportunities in the largest cryptocurrencies, such as bitcoin, ether, and others.
A buy signal has been triggered this week for BTC-USD at $1252.42, and suggests that upward momentum will dominate. The Awesome Oscillator displays a bullish saucer, with two red bars followed by a green bar which is higher than the middle bar but shorter than the first bar. To take advantage of this signal, we would have set limit buy orders at $1252.42 at the start of this week. The buy has been triggered suggesting that upward movement will remain intact.
The market will now look to break the fractal resistance at $1350.00. However, those with long positions should be wary of any change in market behavior around the fractal at $1350.00. Also, a move back below $1252.32 will point to a change in momentum, with support found around the conversion line (blue) at $1120.66.
The weekly price action below also shows that buyers were in complete control last week, bringing the price from $1162 to $1241.99, with small wicks on either side of the candlestick.
A further buy signal will be given at the end of this week if the market manages to remain higher than $1273.00. Notice from the chart below that $1273.00 corresponds to a peak in the lagging line (purple). A peak in the lagging line indicates a key resistance. Once the market breaks the resistance at the peak of the purple line, there is no historical resistance ahead, leaving plenty of room to the upside for BTC-USD. With no lagging line peaks providing resistance, we should see bitcoin test the all-time high.
The Market Facilitation Index is brown this week, suggesting a