Bitcoin is up by an impressive 22% this week as it currently battles with the $40K resistance area. As mentioned before, for the past two months, bitcoin’s price was trading between $30K and 42K. This week saw its highest point since June 15 ($41.3K according to BItstamp).
The past week has been promising for BTC, after breaking a descending wedge pattern and finally getting to overcome both the 20 and the 50 days moving average lines. This break of the 50-day MA was the first time the cryptocurrency has been trading above it since early May. As can be seen in the short-term chart below, the price surge is largely confined inside a nicely shaped ascending price channel.
Despite the promising momentum for the bulls, BTC is now testing major resistance of $40-42K, which is the top boundary of the above-mentioned range. Since the crash on May 19th, bitcoin was unable to close a weekly candle above $39K. The area also includes the 100-day moving average line at $40.3K as of writing these
Źródło: https://cryptopotato.com/bitcoin-price-analysis-after-22-weekly-is-btc-set-for-correction/
