A new week has begun.
Bitcoin’s chart also shows a new weekly candlestick formed with the start of the new week.
The initial movement of a new candlestick is crucial. Typically, there’s often a reversal of this movement during the week.
It’s important to pay attention to how the initial movement unfolds.
On Bybit exchange, Bitcoin is riding a bullish trend as the 6-hour moving average (MA) line is shaping up well, and most users are in a 7:3 ratio of long positions.
Trading volume intensity is also high.
While there are cases where the opposite outcome occurs, given the favorable MA trend, it seems plausible for the bullish trend to continue into the early part of the week before a possible downturn.
If the weekly candlestick shows significant upward movement from the current state, it could indicate a major surge (3rd wave), so it’s advisable to continue monitoring. Additionally, there seems to be consistent support at the $61,000 level, providing some reassurance.
Regardless of the outcome, it seems like a market where it’s prudent to swiftly sell and exit if holding any coins.