On the weekly timeframe, bitcoin rebounded from the lower boundary of the channel. The AZT (active trading zone) at $38,000-$33,000 has performed well and buyers have stepped up.
For the last two weeks the bitcoin delta was about $700 million – there were more market buys than market sales.
There has also been a return to the RSI trend.
The closest bounce targets on the weekly timeframe are the MA50 at $48,000 and the median channel at $52,000.
The fixing of the level occurs in the form of horizontal correction, bitcoin does not give a deep pullback, which indicates the bullish mood of the market, reports Tromexbit.
Due to the lack of accumulation, formation of a range in the nearest week is possible, it is necessary to control the risks, especially for margin traders.
If the rebound continues, the range of $46,000-$50,000 will be an important level. It is worth fixing there a part of the position, gained on the rebound.