Hi all,
BTC lost 10% last week. Based on technical analysis, I'll try to explain what happened, where the prices are as well as what may come the next weeks.
Firstly, the pullback of 10% was caused by the rejection when BTC touched the wickless weekly trendline. This trendline, a key level, was lost around 1 year ago (in May 2022). Now, BTC is trying to conquer it.
Secondly, where is the position of BTC at the moment? As seen in chart, BTC price is found at a strong support which is the confluence of the EMA 50D and the Fib. 0.382. In weekly time-frame, the EMA and Fib levels have been good supports for the recovery of BTC, since the begining of this year.
Finally, to predict the next moves of BTC, we need to keep an close eye on this level 27200-27400 (confluence of EMA 50D and Fib 0.382). If any weekly candle closes below, BTC will go down to $22K, very likely. If the 27200-27400 holds, BTC will retest the wickless weekly trendline and very possibly the major Fib 0.5 (at around $32700).
What do you think about this analysis?
All the best!
Comment:
Confluence of EMA 50D and the Fib. 0.382 is playing well. BTC has been bouncing 5% since yesterday's post
Comment:
BTC prices are still in the range formed by the Wickless weekly trendline (around $30000) and the Fib 0.382 + EMA 50D (around $27400).
Maybe, next week we'll know better the next trend because the end of the current weekly candle would confirm it.
Maybe, next week we'll know better the next trend because the end of the current weekly candle would confirm it.
