🔥 Bitcoin Weekend Update: Bullish Target Reached

Two days ago I made an analysis on BTC where I argued which areas I will be watching over the weekend. I mentioned that 34.6k would be the main resistance to beat over the weekend.

In case the bulls can close the weekly bar above 34.6k, there would be a decent chance to see 40k again over the next two weeks. I'm looking at the current minor drop as a cool-off period for BTC, only to resume the bullish move after that. In a period of 5 days BTC saw a ~19% increase in value without any correction in between. A correction towards ~33k would be healthy for the trend.

In case of a correction, I'm looking at the yellow minor support area to buy in again for a mid-term trade. On the other hand, bulls can burst towards 36k in the next few days in case a lot of short positions get liquidated. The Funding rate is still negative, which indicates that traders are more short than long. A strong uptrend could lead to liquidations and SL's being hit by short positons, only to increase the price further.

Happy trading!

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