Gold at $5K & Silver Rallying: Is Bitcoin ($67K) Set to Follow the Safe-Haven Surge?
Source: TradingView
The weekly chart shows just how important it would be for the bulls to close this candle above that $69,000 horizontal level and keep it as support, which it still is in this higher time frame. We already have the huge wick down to $60,000 which was bought up very strongly.
We then had the following weekly candle very slightly slipping below, but with a decent wick down to $65,000, and now for this current week there is the possibility of another similar candle and wick.
This does rather look like the major support could be holding. Of course, if the weekend turns red for the $BTC price, that support would be in grave danger once again.
However, if one also takes into account that the Stochastic RSI indicators in this time frame are nicely positioned, ready to swing back up, and that these indicators are at the bottom for the 2-week and the monthly time frames, it tells a story that a bottom is very likely forming.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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