BTCUSD Weekly Analysis 14-03-2021
All indicators are still supporting the price to go up. Based on Fibonacci, it could go up to $75,000, but I don't think it would break the upper trend line (currently at around $66,900), so it will first bounce back at $66,900, before going up to test further ATHs.
Assuming the price does hit $75,000, we could be expecting major price corrections where the price could drop to around $49,850 (Fib 0.382), $34,525 (Fib 0.618), or even on extreme to around $25,000 (Fib 0.786).
However, for now (short term), with a Divergence on RSI , Bitcoin price would possibly drop first to around $53,000 (Fib-0.382) before going up again. In case the support at 53k doesn't hold, the price might go down further to around $44,900 (Fib 0.382), $34,600 (Fib 0.618), or even $28,225 (Fib 0.786).
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Assuming the price does hit $75,000, we could be expecting major price corrections where the price could drop to around $49,850 (Fib 0.382), $34,525 (Fib 0.618), or even on extreme to around $25,000 (Fib 0.786).
However, for now (short term), with a Divergence on RSI , Bitcoin price would possibly drop first to around $53,000 (Fib-0.382) before going up again. In case the support at 53k doesn't hold, the price might go down further to around $44,900 (Fib 0.382), $34,600 (Fib 0.618), or even $28,225 (Fib 0.786).
** If you enjoy this idea, please like and/or comment. Thank you!
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