Here is closer look at the potential bullish continuation signal on BTCUSD weekly price charts.
Bitcoin became a household name in late 2017 after reaching nearly $20,000 per coin and sent the entire crypto market on a historical bull run. After a long bear market, prices were expected to appreciate significantly.
Related Reading | How Weekly RSI Could Suggest The Bitcoin Bottom Is In
The plunge back then acted as a spring resulting in the 2020 bull run and new all-time highs throughout 2021. With a potential continuation signal on the weekly RSI, is Bitcoin ready to pick up where it left off?
If Bitcoin is to continue its bull run and pick up where it left off, the first major zone to reclaim is $29,000. If BTCUSD can reenter the multi-year trading range, bulls could take a shot at the other side of the range near 2021 all-time highs.
But it all depends on this bullish divergence confirming, which is only something we’ll truly know in hindsight.