DeFeye

DeFeye BITCOIN Mid to Long-Term Update

INDEX:BTCUSD   Bitcoin / U.S. Dollar
Happy Weekend Traders, Investors & Gamblers 😃

Today I will look at the key price levels and idicators above the current price range, on the weekly chart for Bitcoin , and don't worry I know there is a lot going on on that chart so I broke it all down individually below 👇 In the coming days I will look at the bearish scenario if Bitcoin was to slip below the current bottom.



Trend Lines ( Falling Wedge ):
Support:
Here we need to note that the previous strong support leading back to September 2021 has now turned into Bitcoins highest resistance point right below 25.000$ that will become even more interesting when we look at the alignment with a key Fibonacci level that will follow right below.

Resistance:
The resistance of the falling wedge lays right below 30.000$ to about 27.500$ depending on how long Bitcoin will take to break above, we also have to note the perfect alignment with the Bull Market Support Band which I included in the picture below.



Fibonacci:
Here we have the smaller retracement coming from the 48.000$ March top down to the current bottom (Pink), and the larger retracemnt coming all the way from the current 69.000$ November 2021 ATH also down to the current bottom (White).

The .236 Fib. level on the Smaller (pink) retracement is BTC's highest resistance point within the current range. That price lays right below 25.000$ and is in perfect alignment with the previous trendline and support of the falling wedge that we looked at earlier.
The next step from a Fibonacci retracement perspective would be to reach the 30.000$ area where we see alignment between two key Fib. levels, the .382 on the smaller pink retracement and the .236 entry level on the larger white retracement. A break above would also confirm a breakout from the resistance of the falling wedge



200w SMA:
Current Support just below 22.900$
Historically a major support and bottom price indicator for bitcoin , previously BTC has only fallen below it on three occasions, in 2015, in 2020 and now in recent weeks. Historically BTC has gone on to rallies that lead to new ATHs everytime BTC managed to close a weekly candle back above it and confirmed the breakout with another bullish candle. Therefore we are now looking for Bitcoin to follow up with another bullish candle close and a minimum price of at least 23.400$ after breaking back above the moving average last Sunday. (See below 👇)

Confirmation Back Above 200w SMA:

First Time (October 2015)
Followed by 2017 20.000$ ATH

Second Time (March 2020)
Followed by current 69.0004 ATH

Third Time ??? (August 2022)



Conclusion:
The first step for Bitcoin is to confirm support back above the 200w SMA and to break through the resistance in the 25.000$ area.
After that the 30.000$ region is key to confirm a trend reversal and to get back above the bull market support band which for many defines the start of a bull market.
Of course there are mmany key levels above, and I will break them down for you guys once they become relevant.



I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.



As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!



Happy Trading ✌🧡📈

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