BitcoinLong
Weekly TF Analysis of BTCUSD
After a month-long breather in January, BTC tops 50K for the first time on Monday (16th February) and the long-awaited milestone price is finally hit. With the announcement of Tesla investing 1.5B in BTC, its prices appreciated by 25.17% in the past week alone and formed a bullish candlestick on the weekly timeframe.
At the time of writing, BTC is trading around 49.1K. It is trading in a rising channel pattern which can be seen on smaller time frames. There is a strong resistance present above 50K but once it breaks out over this channel resistance, the buying momentum is most likely to continue to make further new ATHs.
On the flip side, the nearest support is present at
48K, and below this level, the next support can be witnessed from 47K followed by 45.8K. The overall market structure is still positive and every price correction till the level of 45K should be considered as a buying opportunity.
Weekly RSI is currently well below its ATH of 94.63 and is showing positive divergence with the price, thus depicting more buying momentum to continue in the coming sessions. However, daily closing above the significant hurdle at 50K will act as a confirmation of the next leg to the upside.
At the time of writing, BTC is trading around 49.1K. It is trading in a rising channel pattern which can be seen on smaller time frames. There is a strong resistance present above 50K but once it breaks out over this channel resistance, the buying momentum is most likely to continue to make further new ATHs.
On the flip side, the nearest support is present at
48K, and below this level, the next support can be witnessed from 47K followed by 45.8K. The overall market structure is still positive and every price correction till the level of 45K should be considered as a buying opportunity.Weekly RSI is currently well below its ATH of 94.63 and is showing positive divergence with the price, thus depicting more buying momentum to continue in the coming sessions. However, daily closing above the significant hurdle at 50K will act as a confirmation of the next leg to the upside.
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