Bitcoin technical analysis
Bitcoin's weekly candle closed above 26,200$ after 2 consecutive weeks of decline. The king of cryptocurrencies is still in a descending channel in the weekly time frame, which reacted positively by reaching the important support range of 24,800$ to 25,000$. The RSI relative index fluctuates between 45 and 50, which indicates weak selling pressure among traders.
Due to the formation of a bearish flag in the continuation of the upward trend in the daily time frame, it is expected that the channel will be broken and the trend will continue in the long term to the resistance limits of 28,200$ and 30,000$. Otherwise, by breaking the channel and the support range of $25,000, it paves the way to reach the price limits of $23,500 and $22,000.
Major resistances: 28,200$ and 30,000$
Major supports: 23,500$ and 22,000$
NFA