BTC/USDT weekly analysis on 21st/Jul/2024
Hi, crypto traders.
#Last week's results and review
Last week, the price was at a point where it could have moved in either direction, but it ultimately rose significantly, surpassing significant milestones of 60MA and 100MA. While the price may dip slightly in the future, the momentum is expected to continue upward due to these breakthroughs. However, caution is necessary around the previous highs of 72,000USD - 73,800USD, as a rebound is anticipated at this level. If the price surpasses 73,800USD, it is expected to rapidly increase, aiming for 80,000USD.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) > 60MA (green) = 100MA (black) > 20MA (blue)
#Technical Positive Points
- The candlestick and 5MA have crossed above significant milestones of 60MA and 100MA, which may accelerate the upward momentum.
- The slope of 20MA has turned upward again, suggesting a short-term resumption of the upward trend.
- If 20MA crosses above 60MA and 100MA, a renewed upward trend will likely be established.
#Technical Negative Points
- Due to the rapid rise, there is a possibility that the price may temporarily decline due to profit-taking.
- The range between 72,000USD and 73,800USD is expected to be a strong selling zone; if a rebound occurs at this point, it could lead to a range-bound market.
- Additionally, since the candlestick and 5MA have just crossed significant milestones, a reversal could potentially change the trend.
#Trend forecast of this week : BUY 50%
The fact that the price and 5MA have clearly surpassed the significant milestones of 60MA and 100MA is substantial, increasing positive technical indicators. This week, it is expected that the price will rise towards the previous high of 72,000 - 73,800USD. While caution is needed for temporary profit-taking and selling pressure near the previous high, if the price surpasses 73,800USD, a rapid acceleration in the upward trend can be anticipated, which is a hopeful outlook.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 7th/Jun/2024)
2nd target : 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round number)
If the price of Bitcoin decreases
1st target: 64,300 - 64,600USD (The cross-point with 60MA, 100MA)
2nd target: 61,000 - 61,500USD (The cross-point with 20MA)
3rd target: 53,500USD (The lowest price on 5th/Jul/2024)
Let's enjoy trading this week too!
#Last week's results and review
Last week, the price was at a point where it could have moved in either direction, but it ultimately rose significantly, surpassing significant milestones of 60MA and 100MA. While the price may dip slightly in the future, the momentum is expected to continue upward due to these breakthroughs. However, caution is necessary around the previous highs of 72,000USD - 73,800USD, as a rebound is anticipated at this level. If the price surpasses 73,800USD, it is expected to rapidly increase, aiming for 80,000USD.
# Current order of the candlesticks and MA lines
the candle > 5MA (red) > 60MA (green) = 100MA (black) > 20MA (blue)
#Technical Positive Points
- The candlestick and 5MA have crossed above significant milestones of 60MA and 100MA, which may accelerate the upward momentum.
- The slope of 20MA has turned upward again, suggesting a short-term resumption of the upward trend.
- If 20MA crosses above 60MA and 100MA, a renewed upward trend will likely be established.
#Technical Negative Points
- Due to the rapid rise, there is a possibility that the price may temporarily decline due to profit-taking.
- The range between 72,000USD and 73,800USD is expected to be a strong selling zone; if a rebound occurs at this point, it could lead to a range-bound market.
- Additionally, since the candlestick and 5MA have just crossed significant milestones, a reversal could potentially change the trend.
#Trend forecast of this week : BUY 50%
The fact that the price and 5MA have clearly surpassed the significant milestones of 60MA and 100MA is substantial, increasing positive technical indicators. This week, it is expected that the price will rise towards the previous high of 72,000 - 73,800USD. While caution is needed for temporary profit-taking and selling pressure near the previous high, if the price surpasses 73,800USD, a rapid acceleration in the upward trend can be anticipated, which is a hopeful outlook.
#Target points
If the price of Bitcoin increases
1st target: 72,000USD (The highest price on 7th/Jun/2024)
2nd target : 73,800USD (The highest price on 14th/Mar/2024)
3rd target: 80,000USD (A nice round number)
If the price of Bitcoin decreases
1st target: 64,300 - 64,600USD (The cross-point with 60MA, 100MA)
2nd target: 61,000 - 61,500USD (The cross-point with 20MA)
3rd target: 53,500USD (The lowest price on 5th/Jul/2024)
Let's enjoy trading this week too!
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