🔥 Bitcoin Weekend Update: Bullish Target Reached
Updated
Two days ago I made an analysis on BTC where I argued which areas I will be watching over the weekend. I mentioned that 34.6k would be the main resistance to beat over the weekend.
In case the bulls can close the weekly bar above 34.6k, there would be a decent chance to see 40k again over the next two weeks. I'm looking at the current minor drop as a cool-off period for BTC, only to resume the bullish move after that. In a period of 5 days BTC saw a ~19% increase in value without any correction in between. A correction towards ~33k would be healthy for the trend.
In case of a correction, I'm looking at the yellow minor support area to buy in again for a mid-term trade. On the other hand, bulls can burst towards 36k in the next few days in case a lot of short positions get liquidated. The Funding rate is still negative, which indicates that traders are more short than long. A strong uptrend could lead to liquidations and SL's being hit by short positons, only to increase the price further.
Happy trading!
In case the bulls can close the weekly bar above 34.6k, there would be a decent chance to see 40k again over the next two weeks. I'm looking at the current minor drop as a cool-off period for BTC, only to resume the bullish move after that. In a period of 5 days BTC saw a ~19% increase in value without any correction in between. A correction towards ~33k would be healthy for the trend.
In case of a correction, I'm looking at the yellow minor support area to buy in again for a mid-term trade. On the other hand, bulls can burst towards 36k in the next few days in case a lot of short positions get liquidated. The Funding rate is still negative, which indicates that traders are more short than long. A strong uptrend could lead to liquidations and SL's being hit by short positons, only to increase the price further.
Happy trading!
Note
Update:
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