As I’ve been talking about for WEEKS, we must see price close a weekly candle above $66k-$67k if we want the odds of price continuing into a new macro uptrend to become favourable.
Now, although we haven’t seen where the weekly candle closes this week, it’s safe to assume this extraordinarily strong move could very well be the beginning of that macro breakout. With that being said, we MUST see where the weekly candle closes before jumping to conclusions.
We must also keep a close eye on the 1D 200EMA, which has acted as a rejection zone throughout this bear market. That level is currently sitting at $71.5k.
It’s important to slowly start to understand that the probabilities of a macro reversal have most certainly increased, but are still not QUITE favourable enough to jump the gun imo.
Keep a VERY close eye on these levels as we head into the weekly close!
