Bitcoin - All levels on the weekly chart (must know!)
- You can use these levels for your trades, because I am pretty sure we will see a reaction on all of them! These levels will be respected even on the 1-minute chart, so do not underestimate them!
- If one of these levels is destroyed, it's likely that the price will move to the next level specified on the chart.
- On the bullish side of the chart, we have a strong level that will be tested very soon. It's the POC of the previous market structure and a strong horizontal level at 29765.
- Above this level, there is an unfilled GAP between 37836 and 32399. This is the only major unfilled GAP on the Binance chart. These types of gaps are called fair value GAPS.
- 0.618 LOG SCALE FIB (38981) is definitely the strongest resistance out there. Also, we have a POC of the previous structure exactly at the same level. If the price gets to this level, we will experience a massive, brutal crash. Make sure you get informed when we reach this level, so follow me to stay updated!
- 0.618 LINEAR SCALE FIB (48553) is at confluence with the previous swing high. It's definitely a strong resistance as well, but if the bulls destroy this level, then it opens the gate to a new all-time high (69000), which is the last resistance!
- On the bearish side of the chart, there is only 1 strong level at this point, and it's the previous swing low at 15476. I think we will reach this level sometimes later this year or next year!
- 2 unfilled GAPs below the current price are also strong supports. They are between 22602 - 26508 and 17176 - 19549. I am telling you that these gaps are extremely massive, and the chances of filling them are soooooo high, sooner or later.
- If the bulls fail to hold the 15476 level, we will go to 10k! It's a possible scenario, and it could happen, and the chances are not low at all.
- Otherwise, this is a bearish Elliott Wave count, which is still my main count. Of course, I also have a bullish count, but I will switch to it after we reach levels above 43k.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
