BTC Weekly Analysis - Will the price fall to $25,000?BTC has made contact with the top of the Weekly Bull Channel and has come up against some resistance. In my previous 4HR analysis, I showed the potential for a measured move from the 4HR Bull Channel to the Weekly Bull Channel Resistance, we have reached that price of about $38,000. Where do we go from here?
Key Points
1. Bull Channel means we should always be Long.
2. Bitcoin has touched Weekly Channel Resistance
3. Wait for the weekly candle to close below the channel top
4. There is a gap between the current price and 30EMA/200EMA
5. RSI is overbought. A weak indicator on its own but supports #2-#4.
Before trading this chart, the weekly candle needs to close tomorrow to confirm whether or not we are breaking out of the bull channel. I remain neutral until we see that result; however, I am slightly more bearish on the price given #2-#5 of the key points. Also refer to my BTC lifetime analysis where I argue that before every new all-time high, BTC touches lifetime support. We have not yet made contact with lifetime support and believe we have one more fall to $20,000-$25,000 before new all-time highs.
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!
