Hello Traders and Investors, my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Bitcoin💪
A couple of months ago Bitcoin perfectly retested and already rejected the previous cycle high from 2018 and also the 0.786 fibonacci level so the recent rally was quite expected.
Furthermore you can also see that weekly market structure is bullish with Bitcoin creating higher highs and higher lows so there is no reason why Bitcoin should actually reject the previous resistance zone once again towards the downside.
With Bitcoin once again retesting previous daily support we could see another rejection towards the upside but this is definitely a coinflip trade so I am now waiting for a clear range breakout and then I will look for a buy trading setup.
Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈
Thank you for watching and I will see you tomorrow! My previous analysis of this asset: