BTC trend shows a potential reversal on the high timeframes

28 feb 2022

This is probably the best time to look at the weekly chart: the downtrend from 69k seems to be reversing. We've set a higher low and BTC is heading upwards. All of these signs mean that whales/market makers are starting to accumulate coins for a potential rally.

As I said in previous posts, my target for this bullish trend is at 47-49k$. There is a high volume node (or HVN) sitting around there and that zone is likely to get retested.

However, there shouldn't be any weekly close below the low volume node (LVN) sitting at 39k. This would confirm that the uptrend is still in play.
In a more bearish/consolidation scenario, we would want to see a close below 37.4k$ (last week's close), and keep price in this area without any breakout. This is something that in my opinion, is less likely to happen.

Today is also the monthly close, something to which we should be looking at, as this is the first green close since the all-time high (ATH).
Have a good end of the month and I hope you like the updates!