BTC Analysis - Weekly Timeframe
Current Scenario
In my view, BTC is facing one of the worst-case scenarios at the moment. After an ABC correction downwards, we experienced another ABC pattern upwards, only to face a strong rejection below the key resistance level (trendline) that previously acted as support. This level, which BTC couldn’t break for a long time, is now holding us down, suggesting that downward momentum might resume.
Bearish Outlook
It seems like BTC is forming a new downward movement, potentially targeting the $42,000 - $38,000 range. This is a long-term analysis on the weekly timeframe, with all major support and resistance levels outlined.
There’s only one remaining bullish chance here: if BTC can defend the $66,000 - $65,000 zone and push upwards aggressively. In this case, we could aim for a high of $134,000 - $136,000. However, if this level fails to hold, I consider the bearish scenario to be the dominant one for now.
Candlestick Pattern
Additionally, on the weekly timeframe, we’ve formed a bearish candlestick pattern — a shooting star — which typically appears at the top of a trend. This is a potential warning sign of further downside.
Targets
TP 1: $48,800
TP 2: $42,000 - $44,000
TP 3: $38,000
Invalidation Level
Invalidation: $73,881 — if BTC breaks above this level, it would invalidate the bearish scenario.
Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
In my view, BTC is facing one of the worst-case scenarios at the moment. After an ABC correction downwards, we experienced another ABC pattern upwards, only to face a strong rejection below the key resistance level (trendline) that previously acted as support. This level, which BTC couldn’t break for a long time, is now holding us down, suggesting that downward momentum might resume.
Bearish Outlook
It seems like BTC is forming a new downward movement, potentially targeting the $42,000 - $38,000 range. This is a long-term analysis on the weekly timeframe, with all major support and resistance levels outlined.
There’s only one remaining bullish chance here: if BTC can defend the $66,000 - $65,000 zone and push upwards aggressively. In this case, we could aim for a high of $134,000 - $136,000. However, if this level fails to hold, I consider the bearish scenario to be the dominant one for now.
Candlestick Pattern
Additionally, on the weekly timeframe, we’ve formed a bearish candlestick pattern — a shooting star — which typically appears at the top of a trend. This is a potential warning sign of further downside.
Targets
TP 1: $48,800
TP 2: $42,000 - $44,000
TP 3: $38,000
Invalidation Level
Invalidation: $73,881 — if BTC breaks above this level, it would invalidate the bearish scenario.
Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
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.
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.