Analyzing BINANCE:BTCUSDT on a weekly basis is currently one of the simplest but also most effective tasks. This is because Bitcoin generally only fluctuates between support and resistance. In addition, it is fully compatible with the Fibonacci correction. Therefore, I can easily determine how far it will run.
The fact that INDEX:BTCUSD has not made a significant movement for 1 week shows us that it will not end its 4-week run before hitting the $38 thousand level. But I cannot recommend anyone to buy here and this is definitely not a buying signal.
Because one way or another, this short-term run has come to an end and therefore I am expecting a correction.
When I applied a Fibonacci tool to see how far the correction would be, the level I saw was around 31k. This level is both an important support according to price action and the Fibonacci 0.5 level. It should not be forgotten that Bitcoin likes 0.5 much more than Fiboncci 0.618, especially in the weekly time interval.
Therefore, I think it will return to the FWB:31K level after the 38k resistance is tested. This level will be a great buying opportunity for me.
The FWB:31K level is also the follow-up level of the upward trend that has been continuing since the beginning of 2023. Therefore, a return from this level will also be an indicator that the trend continues.
After buying at FWB:31K, my first target will be the $47200 level. I will not try to teach investment strategy to anyone here, but selling at resistances and collecting at supports is my own strategy and is suitable for my risk management.