BTC/USD Weekly Update: Key Support Levels and Potential Pullback
This update provides an analysis of Bitcoin (BTC/USD) on the weekly timeframe, focusing on recent price movements, key support levels, and indicators signaling potential pullbacks and future trends.
Analysis:
Recent Price Action:
BTC recently hit a high of $69,400.
A pullback to the $65,000 support level is now possible.
Key Support Levels:
$65,000 is a crucial support level. A break below this could see BTC retracing to the $63,000-$64,000 range, aligning with the mid-Bollinger Band.
Directional Movement Index (DMI):
On the daily timeframe, D+ and ADX are holding above 24, while -D is below, indicating strength in the uptrend.
However, after an almost 9% pump, a pullback to support is likely in the coming week.
Potential Scenarios:
Bullish Scenario: BTC holds $65,000 support and attempts to rebound from this level.
Bearish Scenario: BTC breaks below $65,000, targeting the $63,000-$64,000 range.
Bullish Continuation: If BTC rises back to $70,000 and holds above, we could see BTC reaching new all-time highs.
Conclusion: BTC is facing a potential pullback to key support levels after hitting $69,400. Monitoring the $65,000 support level and the DMI indicator will be crucial for anticipating the next significant move. If BTC can reclaim $70,000 and hold, new all-time highs are likely.
Analysis:
Recent Price Action:
BTC recently hit a high of $69,400.
A pullback to the $65,000 support level is now possible.
Key Support Levels:
$65,000 is a crucial support level. A break below this could see BTC retracing to the $63,000-$64,000 range, aligning with the mid-Bollinger Band.
Directional Movement Index (DMI):
On the daily timeframe, D+ and ADX are holding above 24, while -D is below, indicating strength in the uptrend.
However, after an almost 9% pump, a pullback to support is likely in the coming week.
Potential Scenarios:
Bullish Scenario: BTC holds $65,000 support and attempts to rebound from this level.
Bearish Scenario: BTC breaks below $65,000, targeting the $63,000-$64,000 range.
Bullish Continuation: If BTC rises back to $70,000 and holds above, we could see BTC reaching new all-time highs.
Conclusion: BTC is facing a potential pullback to key support levels after hitting $69,400. Monitoring the $65,000 support level and the DMI indicator will be crucial for anticipating the next significant move. If BTC can reclaim $70,000 and hold, new all-time highs are likely.
Related publications
Disclaimer
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.