Bitcoin Possible Bearish Turnaround Upon Reaching The 7-Year’sBitcoin Weekly Overview & Analysis

Bitcoin has enjoyed a nice rally during the last few months: From December’s low of $3,120 (Bitstamp), the price rallied to $13,880, providing an impressive 250% ROI in approximately six months.

In this analysis post, we are going to focus on the bigger picture.

Since hitting that $13,880 resistance level, which was a long-term 61.8% Fibonacci retracement level from the 2018 all-time high, the BTC price was held by the bears below resistance.

Looking at the logarithmic weekly chart, we note the blue trend line which has supported the Bitcoin price ever since.

This trend line started forming seven years ago, after BTC began trading on Bitstamp in November 2011.
The line was broken for the first time in November 2018 during the “crypto bubble burst” (as the mainstream ignorants like…

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