What is the "Weekly Close" of the cryptocurrency market? And why is it important?
In the crypto world, the weekly close is a critical moment that analysts and traders look forward to every week as it helps determine the overall market trend — are we on an upward or downward path? Here are the details 👇
🕓 When does the weekly close happen?
It occurs every Sunday at 00:00 UTC (midnight GMT), which is equivalent to:
📌 03:00 AM on Monday in Saudi Arabia
🚀 Why is it considered important?
It is used to draw the "weekly candle" on technical analysis charts.
It signifies the end of the market movement for the week and the beginning of a new week of predictions and fluctuations.
Decisions to open or close trades are often based on where the close is relative to support or resistance levels.
📈 Practical example:
If the price of Bitcoin closes above a major resistance level at the end of the week, it may be considered a signal for continued upward movement the following week.
🔔 Tip:
Follow the weekly close every Sunday, and watch where the weekly candle closes in relation to support and resistance levels to make more accurate and informed trading decisions.
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