BTCUSD BTCUSD As an overview of Bitcoin on the weekly chart.
We have a cup and handle targeting the area at 131,000 and I think this price is the target of this cycle.
We also have the neckline zone at the price of 73k and we see that the price is still trading above it until now, so in the event of any other decline, I think the neckline area is the lowest price that will be reached and represents the retest point to start for the new highs.
We also note that the price is still above the averages: 50-100-200 and we notice its rebound when it touched the average of 50
Conclusion: Since we are above the 70-73 thousand zone, there is no need to worry because this indicates that the chart is moving in the right direction, but in the event of a break in the 70k zone, this will be the first sign of the beginning of the negative.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.