BTC Weekly Analysis

Updated

BTCUSDT
BTCUSD

The long-term and short-term viewpoints are both crucial to our analysis:
First, we will look at the market's perspective over the long run.
Since the latest increase in the upward price cycle, Bitcoin's movement has been moving in a fork structure and, based on the current market trend and the resistances it is facing, has generated lower bottoms up until this point.
According to the framework controlling the market, the ascending channels will, in most circumstances, break from the floor and make lower floors. The price has been moving in an ascending channel during the past few weekly candles.
We should also anticipate another lower floor from Bitcoin given this structure and the shape of the just produced candles.
Expect the channel to break from the bottom if Bitcoin is unable to move past its most recent run-in with the bottom of the channel and go higher (if the daily candle does not close above 20,000).
However, when we examine the volume of recent transactions, we notice a large increase in the volume of recent candles. This perception may result in the formation of a strong price floor that propels price growth toward 26,000. (even higher). Of course, we shouldn't let this expansion obscure the market's underlying negative structure (the growth will be temporary).
An important level for Bitcoin can be seen at the lower levels; this level, which is highlighted in red, will be crucial for the price's future. We do not anticipate a price decline to levels of 14444 and 14058 after it breaks through this barrier.

If the analysis satisfied you, please follow & support our team by telling your friends.
CrazyS

Note

Channel is still active

CrazyS

🚀Free Exclusive positions and Crypto tracking💎:
📲 Telegram: t.me/CrazyS_Tradingview_Analysis

Share the analysis & Spread the wealth✨
🖊Got Feedback? We're all ears!📚
🍀Ride this journey with us🥂

Also on:

Related publications

Bitcoin 3H

by CrazyS

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.