Hello All. Once again let us take a look at weekly BTCUSD pair.

We see that bitcoin continues to remain inside a major ascending channel / rising channel and since last week we have formed a (green) bullish hammer candlestick pattern.

This rising channel had an upward movement with a potential target at around $73,000. This is a 100% potential long trade (without leverage trading).

Another bullish sign is the weekly 200 EMA which indicates that the current price is trading above the 200 EMA .

Additionally, the weekly stochastic RSI remains extendedly oversold with a reading below 20.

I see bitcoin going at least to $55000, the middle of the rising channel , and with enough volume and buying pressure, to a new ATH at $73,000

Check out last weeks’ bitcoin update below.

Thanks for reading, and stay tuned. Enjoy.