## BTC/USD Monthly Chart With the recent 20% rally, Bitcoin has jumped from the descending body-to-body trend line directly to the descending wick-to-wick trend line! I mentioned this specific trend lines some time ago, [in this post!](https://steemit.com/cryptocurrency/@aezakmi/brief-update-on-bitcoin) We are currently right at the upper trend line and the bulls are fighting to close the monthly candle above it (~$10900). As I mentioned before in my previous posts, closing a candle above **both** the descending trend lines could be the beginning of a new bullish cycle, if not, it could be a very nice short opportunity. If the bears regain control in the coming period and a nasty rejection happens, we could revisit the 21 monthly EMA (yellow) and the 0.5 Fib. retracement, at ~$7800.

_{[Ctrl + Click here to enlarge the image in a new tab (steemitimages)](https://steemitimages.com/0x0/https://files.peakd.com/file/peakd-hive/aezakmi/BF9u22H1-BTC_monthly.png)}

![BTC_monthly.png](https://files.peakd.com/file/peakd-hive/aezakmi/BF9u22H1-BTC_monthly.png) ## BTC/USD Weekly Chart On the weekly we finally managed to break the 0.236 Fib. retracement of the Dec. 2018 - June 2019 rally, which I marked with the dotted line. We have also broken the 0.786 of the June 2019 - April 2020 downtrend, together with the 60 RSI level, which marked a resistance level since Q3 2019. However, the trading volume is not that great and we have a bearish divergence on the MACD - Histogram, but nothing is certain at this point.

_{[Ctrl + Click here to enlarge the image in a new tab (steemitimages)](https://steemitimages.com/0x0/https://files.peakd.com/file/peakd-hive/aezakmi/QrlBZQ9P-btc_weeky.png)}

![btc_weeky.png](https://files.peakd.com/file/peakd-hive/aezakmi/QrlBZQ9P-btc_weeky.png) ![steem line 2.png](https://cdn.steemitimages.com/DQmYcTYvf6NrTJYQQgWebpedjuzpoRKc2WdAdHpuaY6Z1mv/steem%20line%202.png) ![](https://cdn.steemitimages.com/DQmYdJxHtrns6waecoP7wLGCy9ToPPiygHWGq2jUmoBfnGk/mywolf.gif) --- ### **Thanks for reading and safe trading!**✌ #### **If you find this post useful, please:** ![](https://cdn.steemitimages.com/DQmdzruKqt4wz2eGto3kRuzxhkJAqRceor9vL9d1p9FWY5s/aezakmi%20gif.gif)