#BITCOIN WEEKLY TIME FRAME TECHNICAL ANALYSIS🔔
After breaking the previous all-time high, which was $69,028 and achieving a new high of $73,773.
Currently trending above the strong support zone of $64,500 to $66,300, technically it’s a very strong support zone. Today is the weekly closing, and Bitcoin must maintain its position above the mentioned support zone.
...
THIS CHART IS BASED ON HISTORICAL DATA
In the first cycle, after the ATL, CRYPTOCAP:BTC took 532 days to break above it’s previous ATH.
In the second cycle, it’s taken 546 days to break above its previous ATH.
If history repeats itself, we could see a new ATH around 385 days from today, possibly by December
2024.
ROADMAP FOR BITCOIN HEALING
First...
Bitcoin (BTC) is currently operating within a bullish channel and has recently experienced a bounce off the support provided by the ascending trendline and the 100-day moving average (MA). The cryptocurrency is presently trading within the Ichimoku cloud, accompanied by the Relative Strength Index (RSI), signaling a bearish divergence move.
For bullish trend...
#BTC UPDATE
On the daily timeframe chart, #BTC is still advancing inside the wedge pattern and is currently situated above a major trendline.
A potential bullish rally of about +20–25% might be anticipated if Bitcoin maintains its position above the trendline and successfully breaks out from the wedge to the upside.
However, a bearish rally towards 21.5k may...
I didn't see any decisive move in the next few days.
Last week I was expecting strong W (yellow W )formation and upward and braking out of green pitchfock, but price was not enough strong.
now I feel the price will stay between 38100 to 42000 at the list for a week, it is maybe good for scalping, and perhaps I feel we are close to a short term uptrend nearby...
-Price has shown evidence of buyers by breaking downward trend lines, removing opposing pivot point zones, quality DBR created.
-Strong imbalance of buyers stepped in so I'm looking at them potentially stepping in again.
