Bearish & Bullish Scenarios | Bitcoin Weekly Timeframe & $20K

Let's forget the short-term noise timeframe for a few minutes and focus on the bigger picture...

How is Bitcoin looking weekly?

We are halfway through the week, there is still plenty of time for BTCUSD to either close RED or GREEN.

This week, just closing green is bullish milestone reached.

Bullish scenario one: straight up

Bullish scenario two: higher low then up

Bearish scenario: break support, move lower...

Bitcoin Weekly Chart Analysis

The current setup favors the bulls.

We already went through a negative 9 count that ended up in a hammer. This hammer is a reversal signal.

This week we have prices trading above EMA10 on a new positive TD count.

Closing above EMA10 can signal more green action to come.

We stay bullish as long as Bitcoin continues trading above the "Rising trendline" and the 21-Feb. candle wick low.

Remember $20K?
Longer-term, if the relief rally those play, we can see something like this:
Thanks a lot for the support.

Namaste.