Weekly Technical Analysis On The Bitcoin Chart

Over the last week, cryptocurrency Bitcoin was above the pivot line but failed to confirm. This meant probability never swung to bullish even though price was above the pivot line. The pivot line is the bullish or bearish line per probability, once confirmed. A confirmed move above signals a likely further increase in price while a confirmed move below strongly favors further downside.

Unable to confirm above, Bitcoin collapsed back below the pivot line and dropped as low as $57,800 before recovering slightly. With Bitcoin solidly below the pivot line, probability favors the downside with major support at $52,800, then $49,000.

Should Bitcoin rally back above the pivot line and confirm, upside would likely take Bitcoin back to $69,000, then $74,000.

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