Update BTCUSD Analysis 📈📉
🤔😎Hello dear community ,How is it going these breathtaking days ,for those traders or investors who are tracking crypto news and recent terrifying movements ...I guess it haven't been favorable as we expected, Someone like me prefers to just watch the market today ,as you may already know almost all markets such as stocks had some crash before and the fear and waves of new variant of omicron virus has effected economy and markets, however its not a permanent influence on the crypto market ,and I believe the crypto market will find its succeeding ways again .
📈📉
As you can see on weekly timeframe Bitcoin reacted to support and resistance boxes as I expected in the last analyses for btcusd , although It even dropped to $ 41.6k by breaking down the support and trendline with a long shadow on EMA60 (orange) but it rebounded very quickly, and now it is trading on green support box area .
Thus in order to continue the uptrend and reach the previous targets, a weekly candle above the level of 58k should be closed to ensure its uptrend ..Otherwise, the downward trend will be confirmed if the weekly candlestick closes below the downward black trendline.then after that it can even go lower to 34k level
By the way , in my opinion the bullish scenario is more valid yet .
❌upper resistance : 55.5___58.6k
♻️current support: 47.7k___50k
↕️ pivot :lower support: 42___44.5k
--------------------------------------------------------------------------------------------------------------------
tips:
💥(Note that most of my analysis on the weekly timeframe basis is more for long-term investment rather than short-term trading.)
🔰(Anyway, I highly recommend novice investors and traders to consider risk management and buying in a few steps) .
✳️(also Following security measures is vital in cryptocurrency trading. Always remember that $100 worth of a token may become a fortune someday. So treat every penny with respect.)
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💜 if you're a fan of my analyses give a big thumbs 👍 OR drop a comment 🗯💭
🙏with Best Regards
📈📉
As you can see on weekly timeframe Bitcoin reacted to support and resistance boxes as I expected in the last analyses for btcusd , although It even dropped to $ 41.6k by breaking down the support and trendline with a long shadow on EMA60 (orange) but it rebounded very quickly, and now it is trading on green support box area .
Thus in order to continue the uptrend and reach the previous targets, a weekly candle above the level of 58k should be closed to ensure its uptrend ..Otherwise, the downward trend will be confirmed if the weekly candlestick closes below the downward black trendline.then after that it can even go lower to 34k level
By the way , in my opinion the bullish scenario is more valid yet .
❌upper resistance : 55.5___58.6k
♻️current support: 47.7k___50k
↕️ pivot :lower support: 42___44.5k
--------------------------------------------------------------------------------------------------------------------
tips:
💥(Note that most of my analysis on the weekly timeframe basis is more for long-term investment rather than short-term trading.)
🔰(Anyway, I highly recommend novice investors and traders to consider risk management and buying in a few steps) .
✳️(also Following security measures is vital in cryptocurrency trading. Always remember that $100 worth of a token may become a fortune someday. So treat every penny with respect.)
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💜 if you're a fan of my analyses give a big thumbs 👍 OR drop a comment 🗯💭
🙏with Best Regards
Related publications
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.