Feb 16: Bitcoin weekly chart is showing a very similar bullish pattern to July 2021.
Bitcoin broke out of a falling wedge pattern at $38000 and showed trend reversal.
$BTC is also showing bullish RSI divergence on a higher time frame which indicates that it can pump in the coming weeks and months.
MACD is showing a similar pattern to July 2021 which indicates low selling pressure. A bullish crossover may happen the in the coming week and we might see a continued uptrend towards $52k.
Stoch RSI is also bullish.
Conclusion:
The weekly chart is telling some positive signals which we can use for the next 4 months.
$46000 is the first resistance Bitcoin needs to break so that the price will push to the $50k-52k levels in the next 15 days.
$42k and $39k acts as good supports.
Caution: FED FOMC meeting on March 15 will create opportunities because the market will likely panic in the first and second week of this month.
