BTCUSD Weekly Timeframe Important Price Action Levels&Analysis
Hello,
The Bitcoin price chart shows the past and future support and resistance levels that can affect the market sentiment and the price movement. Support levels are areas where the price tends to bounce back from a downward trend, while resistance levels are areas where the price tends to reverse from an upward trend. The chart also shows the supply and demand zones, which are ranges where the buyers and sellers are more active and can cause significant price fluctuations.
Currently, the Bitcoin price has managed to break above the resistance level of 26309. This is a bullish sign that indicates an increase in buying pressure and a possible continuation of the uptrend. However, for this breakout to be confirmed, the price has to close above this level on a daily-weekly basis. Otherwise, it could be a false breakout that could lead to a reversal or a consolidation.
The next major supply zone is marked by a box on the chart, which indicates a range between 29451 and 32k levels. This zone was previously a demand zone in June-July 2021, where the price bounced back from a sharp drop after accumulation. However, after breaking below this zone in June 2022 , it became a supply zone(base) where the buyers are likely to take profit or enter short positions. Therefore, those who have long positions should consider taking profit here or should move up their stop-loss levels to a decent area in case of protecting some of their profits. Alternatively, they could wait for a clear break above this zone before adding more long positions.
Beyond 32k level, another important supply zone is between 37712 and 41266 levels. This zone was previously a strong support level between in August 2021, then in Jan 2022 the same level worked as a support level again but this time it was weaker than before. And between April-May 2022 this level turned into supply base and caused a massive drop(Luna), where the price failed to break above several times before plunging down. The price has not tested this zone since then, so it could act as another obstacle for the bulls if they manage to reach it. Above this zone, there are several resistance zones marked on the chart until the all-time high (ATH) of 68997-69k levels (depending on the exchange). However, there are some experimental resistance levels on the chart as you can see. These levels have not been tested yet by the market, so they should be treated with caution and observed carefully.
Thick lines on the chart indicate strong resistance levels that have not been tested by the market and might be difficult to overcome. Thin lines indicate intermediate levels and they are less significant than thick lines. These lines can act as potential targets or entry points for traders depending on their strategies and risk appetite.
This analysis is for educational and entertainment purposes only and not an investment advice. Trading cryptocurrencies involves high risk and volatility and may result in substantial losses or gains depending on various factors such as market conditions, news events, technical indicators etc.. Always do your own research before making any trading decisions and never invest more than you can afford to lose.
You can also check other analyses I've published earlier from my profile. Have a nice day!
The Bitcoin price chart shows the past and future support and resistance levels that can affect the market sentiment and the price movement. Support levels are areas where the price tends to bounce back from a downward trend, while resistance levels are areas where the price tends to reverse from an upward trend. The chart also shows the supply and demand zones, which are ranges where the buyers and sellers are more active and can cause significant price fluctuations.
Currently, the Bitcoin price has managed to break above the resistance level of 26309. This is a bullish sign that indicates an increase in buying pressure and a possible continuation of the uptrend. However, for this breakout to be confirmed, the price has to close above this level on a daily-weekly basis. Otherwise, it could be a false breakout that could lead to a reversal or a consolidation.
The next major supply zone is marked by a box on the chart, which indicates a range between 29451 and 32k levels. This zone was previously a demand zone in June-July 2021, where the price bounced back from a sharp drop after accumulation. However, after breaking below this zone in June 2022 , it became a supply zone(base) where the buyers are likely to take profit or enter short positions. Therefore, those who have long positions should consider taking profit here or should move up their stop-loss levels to a decent area in case of protecting some of their profits. Alternatively, they could wait for a clear break above this zone before adding more long positions.
Beyond 32k level, another important supply zone is between 37712 and 41266 levels. This zone was previously a strong support level between in August 2021, then in Jan 2022 the same level worked as a support level again but this time it was weaker than before. And between April-May 2022 this level turned into supply base and caused a massive drop(Luna), where the price failed to break above several times before plunging down. The price has not tested this zone since then, so it could act as another obstacle for the bulls if they manage to reach it. Above this zone, there are several resistance zones marked on the chart until the all-time high (ATH) of 68997-69k levels (depending on the exchange). However, there are some experimental resistance levels on the chart as you can see. These levels have not been tested yet by the market, so they should be treated with caution and observed carefully.
Thick lines on the chart indicate strong resistance levels that have not been tested by the market and might be difficult to overcome. Thin lines indicate intermediate levels and they are less significant than thick lines. These lines can act as potential targets or entry points for traders depending on their strategies and risk appetite.
This analysis is for educational and entertainment purposes only and not an investment advice. Trading cryptocurrencies involves high risk and volatility and may result in substantial losses or gains depending on various factors such as market conditions, news events, technical indicators etc.. Always do your own research before making any trading decisions and never invest more than you can afford to lose.
You can also check other analyses I've published earlier from my profile. Have a nice day!
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