BTC Weekly Chart / Resistance Levels in Horizontal and Uptrend C
Horizontal Resistances
In the previous cycle, the price precisely used the $61,820 - $61,920 zone as resistance, and this is clearly visible on the weekly chart. Now, for the last two weeks, this zone has once again been acting as resistance.
Looking at the past six months, although the price hit lower levels, it mostly moved between roughly 62K and 70K. However, especially since last week, it has been trading below this range. So, the price was successfully holding the range that served as resistance in the previous cycle during this cycle.
Therefore, it will be important for a positive outlook to see if today's weekly close can stay above the $61,820 - $61,920 range, which would be the first bullish signal on the weekly chart. Otherwise, the fact that this zone has been acting as resistance for the past two weeks is negative.
Uptrend Channels
Let's look at the purple and orange channels. These uptrend channels were the ones where the price found support in the previous cycle. We can see this by looking at the boxes on the left side of the chart.
When we examine the current last six-month period, these channels have been acting as resistance since Bitcoin's all-time high. Last week's candle touched exactly $61,820. If the price can reclaim this line in the near term starting today, it could turn into support for the first time since the last cycle and push the price higher in the coming days and weeks. Otherwise, this contact with the weekly level could, like the other channel lines, serve as resistance, signaling a retest and pushing the price lower.
Final Word
Reclaiming the $61,820 - $61,920 zone would give the price a bullish outlook for the coming months. Otherwise, this zone will remain a resistance in the medium term, and we could witness the price continuing lower in the near future.
In the previous cycle, the price precisely used the $61,820 - $61,920 zone as resistance, and this is clearly visible on the weekly chart. Now, for the last two weeks, this zone has once again been acting as resistance.
Looking at the past six months, although the price hit lower levels, it mostly moved between roughly 62K and 70K. However, especially since last week, it has been trading below this range. So, the price was successfully holding the range that served as resistance in the previous cycle during this cycle.
Therefore, it will be important for a positive outlook to see if today's weekly close can stay above the $61,820 - $61,920 range, which would be the first bullish signal on the weekly chart. Otherwise, the fact that this zone has been acting as resistance for the past two weeks is negative.
Uptrend Channels
Let's look at the purple and orange channels. These uptrend channels were the ones where the price found support in the previous cycle. We can see this by looking at the boxes on the left side of the chart.
When we examine the current last six-month period, these channels have been acting as resistance since Bitcoin's all-time high. Last week's candle touched exactly $61,820. If the price can reclaim this line in the near term starting today, it could turn into support for the first time since the last cycle and push the price higher in the coming days and weeks. Otherwise, this contact with the weekly level could, like the other channel lines, serve as resistance, signaling a retest and pushing the price lower.
Final Word
Reclaiming the $61,820 - $61,920 zone would give the price a bullish outlook for the coming months. Otherwise, this zone will remain a resistance in the medium term, and we could witness the price continuing lower in the near future.
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.
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.