Bitcoin (BTC/USD) Weekly Chart Analysis
After facing a long term resistance at 70,000$ which was significant barrier for Bitcoin in the past, breakout occurred recently, indicating a strong bullish signal and a shift in market structure.
BTC is currently trading around $103,025, facing a new resistance zone.
as the fundamental shows that it may break the resistance again after scalping and we may see the bitcoin at the 120,000$.
But the technical analysis indicates that we may see a retest her to validating the zone now as support.
A breakout above the current resistance could trigger a 46% rally towards the $120,409 target.
This would continue the bullish trend post-breakout, supported by momentum and volume.
we will stay focused here and wait for the breakout of the resistance.
After facing a long term resistance at 70,000$ which was significant barrier for Bitcoin in the past, breakout occurred recently, indicating a strong bullish signal and a shift in market structure.
BTC is currently trading around $103,025, facing a new resistance zone.
as the fundamental shows that it may break the resistance again after scalping and we may see the bitcoin at the 120,000$.
But the technical analysis indicates that we may see a retest her to validating the zone now as support.
- After the breakout, BTC faced selling pressure around the $105,000–$110,000 range, creating a new resistance zone.
- If the resistance is not breached, there is the possibility of a rejection occurring which may result in a retracement down to $79,902, which would be a 28.72% drop.
- And i think From there if the resistance isn’t broken out of, then it’s most likely a rejection comes and we can expect a fall back to $79,902 which is a 28.72% retracement.
A breakout above the current resistance could trigger a 46% rally towards the $120,409 target.
This would continue the bullish trend post-breakout, supported by momentum and volume.
we will stay focused here and wait for the breakout of the resistance.
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Join My telegram channel Free:
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Forex:+400Pips & Crypto +420% monthly profit at VIP.
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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.