Highest Weekly Close Since January 2018: BTC With A New Record

The latest cryptocurrency news feature Bitcoin which has been in a good position lately. In fact, many analysts talk about BTC touching the highest weekly close since January 2018, which proves that Bitcoin has set a new record. On the bright side, the king of cryptocurrency has registered a new close for over a year, which comes in a sensitive time for cryptocurrencies in general.

We can see that today’s Asian trading session has been the total opposite of last Monday’s. The sellers have piled up on the pressure as Bitcoin fell from $11,580 to just above $11,300. The 50 hour moving average recorded a death cross, spelling further losses on the time frame. However, the good news are that the highest weekly close was here and the opposite golden cross on the four hour chart paints a different picture than the one mentioned above.

Many best cryptocurrency news sites reported that a new long term indicator has been the weekly candle chart which is still very bullish, even despite the attack of the bears over the weekend. As the charts show, Bitcoin closed the week north of $11,500.

Moreover, charts indicate that Bitcoin closed at a similar price level for two weeks in February 2018, which is before the highest weekly close. According to the trader who goes by the Twitter handle ‘Nunya Bizniz’ this was the first weekly close for BTC above the 50% Fibonacci level since January 2018.

“Highest weekly close since Jan 2018. First weekly close above 50% Fib since Jan 2018. Bullish?,” he said, along with a chart picture.

https://twitter.com/Pladizow/status/1160748364079800320

Right now, a new bull flag appears to be forming on the weekly chart, which is another positive signal. As it stands, the long term view for BTC looks bullish because of the highest weekly close and the current monthly candle is on track to be the third highest close ever.

As it stands, there are plenty of technical indicators to look at in efforts to attempt conjuncture at the next direction. As the crypto trader ‘CryptoHamster’ suggested, this could lead to short term gains.

“Recently, every time, when 4h stochastic is oversold it is followed by the rise.
Here is your risk to have a short-term opportunity to go long,” he said.

Recently, every time, when 4h stochastic is oversold it is followed by the rise.
Here is your risk to have a short-term opportunity to go long. $btc #bitcoin $btcusd pic.twitter.com/CVuYa7VCNs

— CryptoHamster (@CryptoHamsterIO) August 12, 2019