BTC/USD weekly timeframe analysis
BTC Chart in the weekly timeframe, after setting an all time high ($19660) BTC has formed a Flag between $2,972 & $13,880. and had formed a very wide and long trading range !
As the formation of this flag, price has made a 2TB (2nd time back) to the lower FL and according to the huge buy orders which we can see in the candle formation, a new uptrend had started.
This uptrend was so strong that had engulfed the upper FL & ($19,666) SR line - & could cause a 1692% growth in the value of this asset and hit a new ATH of $64,895 !
After engulfing the FL, a new FTR was formed ($16,218-$19490) which in general we can call this a Decision Point for the green FL zone. We must consider this zone very important as it has been formed by breaking the SR lines and engulfing the previous FLs.
Next, price formed a new Flag between $28.800 - $64,895. We must take into consideration that in the first Pullback to the lower FL price engulfed this zone which was a sign of an end for the latest uptrend for the price of BTC ! And then we can see the price faking out of the Red FL zone in order to collect liquidities.
As you can see in the chart, after price descending under the FL and engulfing the SR lines, it has formed a new zone called FTR that is actually the DP for the engulfed FL zone.
In the big picture we could see a Wyckoff being formed which is a sign of change in the trend of price to a downtrend.
Then , price fell to the MPL zone of the previous FTR/DP and was supported to rise higher, but as there were huge sell orders after a tight compression, price made a pullback to the FTR in the lower TF and continued to fall to the point that it engulfed the MPL zone by crossing down $16,000.
As the formation of this flag, price has made a 2TB (2nd time back) to the lower FL and according to the huge buy orders which we can see in the candle formation, a new uptrend had started.
This uptrend was so strong that had engulfed the upper FL & ($19,666) SR line - & could cause a 1692% growth in the value of this asset and hit a new ATH of $64,895 !
After engulfing the FL, a new FTR was formed ($16,218-$19490) which in general we can call this a Decision Point for the green FL zone. We must consider this zone very important as it has been formed by breaking the SR lines and engulfing the previous FLs.
Next, price formed a new Flag between $28.800 - $64,895. We must take into consideration that in the first Pullback to the lower FL price engulfed this zone which was a sign of an end for the latest uptrend for the price of BTC ! And then we can see the price faking out of the Red FL zone in order to collect liquidities.
As you can see in the chart, after price descending under the FL and engulfing the SR lines, it has formed a new zone called FTR that is actually the DP for the engulfed FL zone.
In the big picture we could see a Wyckoff being formed which is a sign of change in the trend of price to a downtrend.
Then , price fell to the MPL zone of the previous FTR/DP and was supported to rise higher, but as there were huge sell orders after a tight compression, price made a pullback to the FTR in the lower TF and continued to fall to the point that it engulfed the MPL zone by crossing down $16,000.
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