The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early 2018.
Bitcoin Weekly Close Over $11.5k
Markets have remained flat following bitcoin’s $600 dump on Saturday. The plunge took BTC back down to $11,200 before it started trading sideways. Sunday saw another dump as the digital asset dropped down to $11,090 but bounced back from there pretty quickly.
Since then, BTC returned to $11,590 but has been falling back during the Asian trading session following a death cross on the hourly chart. At the time of writing bitcoin was trading just below support at 00.
Bitcoin gains since its big pump last Monday have been eroded as the week has progressed. However, this did not prevent a bullish weekly candle closing just above $11,500 according to Tradingview. Trader and analyst Josh Rager pointed out that a close above $11,474 would result in the highest weekly close in 2019.
Currently under weekly resistance.
Short term support flipped back to resistance on lower time frames.
Close above $11,474 would be highest weekly close in 2019
Currently under weekly resistance
Short term support flipped back to resistance on lower time frames
Close above $11,474 would be highest weekly close in 2019 pic.twitter.com/2ADAJfnXz6
— Josh Rager <img src="https://s.w.org/images/core/emoji/12.0.0-1/72×72/1f4c8.png" alt="