Hello to everybody!
This is bitcoin analysis on weekly chart. Remember, wekly timeframes needs weeks or months for confirmation of some formation.
Current situation
We have 4 weeks of donwtrent. Today is closing weekny candle. BTC is currently trading around 49k. This close could be important for next move because now it's look like inside close candle. It means all candle is closing in previsous candle.
If you check long-term situation you will see range between 35-58k. Middle pivot support is around 48k. This pivot could show us bearish or bullis side of this range.
If weekly candle is above pivot support, then is still chance for next move up with target around 80-85k.
In bearish case when weekly candle close below 35k then price could go down to 13 500k.
According market data is still more chance to go up then go down.
Remember, this is weekly analysis, it will take some time to confirm any trading setup.
Safety trading!
This is bitcoin analysis on weekly chart. Remember, wekly timeframes needs weeks or months for confirmation of some formation.
Current situation
We have 4 weeks of donwtrent. Today is closing weekny candle. BTC is currently trading around 49k. This close could be important for next move because now it's look like inside close candle. It means all candle is closing in previsous candle.
If you check long-term situation you will see range between 35-58k. Middle pivot support is around 48k. This pivot could show us bearish or bullis side of this range.
If weekly candle is above pivot support, then is still chance for next move up with target around 80-85k.
In bearish case when weekly candle close below 35k then price could go down to 13 500k.
According market data is still more chance to go up then go down.
Remember, this is weekly analysis, it will take some time to confirm any trading setup.
Safety trading!
We have new weekly support around 48k and we can use long targets from fiboretracement.