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Bitcoin Closes Highest Weekly Candle in Over a Year

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bitcoin price analysis

The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early 2018.


Bitcoin Weekly Close Over $11.5k

Markets have remained flat following bitcoin’s $600 dump on Saturday. The plunge took BTC back down to $11,200 before it started trading sideways. Sunday saw another dump as the digital asset dropped down to $11,090 but bounced back from there pretty quickly.

Since then, BTC returned to $11,590 but has been falling back during the Asian trading session following a death cross on the hourly chart. At the time of writing bitcoin was trading just below support at 00.

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BTC prices 1-hour chart – Tradingview.com

Bitcoin gains since its big pump last Monday have been eroded as the week has progressed. However, this did not prevent a bullish weekly candle closing just above $11,500 according to Tradingview. Trader and analyst Josh Rager pointed out that a close above $11,474 would result in the highest weekly close in 2019.

Currently under weekly resistance.
Short term support flipped back to resistance on lower time frames.
Close above $11,474 would be highest weekly close in 2019

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