This analysis is based on weekly candles for BTCUSDT.
Bitcoin has been doing pretty well lately, making higher highs and breaking it's own records week after week. If the price is able to hold 57k range for some more time, it could see another upward movement, targets for which are 75K or even 100k. On the other hand, if it breaks the immediate support, the next support lies at around 45k which could also act as a good support and bitcoin might accumulate between this range and immediate support range to make a move higher. Breaking 45k areas, could see upto -40% decline.
The RSI weekly has been in the overbought zone since 26 weeks now, and we can see a hidden bearish divergence, however if RSI breaks this divergence, it's due for another rally. MACD and signal lines are also far apart, and MACD line might soon cross under the signal line, if the masses begin to sell or take profits.
This isn't a very good time to buy more BTC, or get into any long trades. Traders should wait for few more weeks for the confirmation and act accordingly.
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