After a very bullish start last week, with price climbing back into the low $80k range, we still saw a major rejection at both the $82k ish level and the 100EMA.
Both of these rejections occurred near the end of the week AND heading into the weekly close, which ended up seeing the weekly candle print a bearish gravestone doji.
Now, this weekly close may look bearish, especially when looking at the candle structure, but since the crazy rally we saw over the past two weeks was so strong, the invalidation points for bulls are much further out of reach, giving price room to create a healthy higher low if we do see a pullback.
I’d keep a VERY close eye on the 100EMA throughout the next few weeks, as if we close above that level along with a break of $82k, then it’s HIGHLY likely the macro bull run has started again!
