BITCOIN WEEKLY UPDATE: BULL RUN IS AROUND THE CORNER
Greetings, traders. It has been a good new year start with BTC moving up and good gains in the altcoins lately.
Note: This is an important update so do read it till the very end. It will be much better if can spare your valuable time to read this update.
Today, I want to share with you all a thorough analysis of bitcoin and where the price is going to head next.
Highlight: It has been a long 420 days of a bear market ever since BTC hit the new all time high. Things have been pretty rough but that's part of the game. In a shorter timeframe, BTC has broken above the $17k resistance line which is good for the market.
Weekly Analysis: In the weekly timeframe, BTC is resting under the support and resistance horizontal line. These two lines are going to be crucial for BTC and the entire market. The resistance is based on 2017 all time high and the support line is based on the 2019 high.
Now, the supporting trendline (in white) shows how BTC has maintained it and BTC actually started rallying right after it hit the lower trendline. The resistance trendline shows the next bull run target for BTC which is beyond the $100k target.
The RSI is at the oversold range which shows a positive indication of a massive rally coming soon.
Bull Run: I believe the bull run is around the corner but before we see a rally, we may witness one last drop. From the current price, BTC can reach up to $18k to $19k, and then it may take drop back to $15k or below it. With such bullish hype in the market, things look skeptical and it could head in any direction. But one thing is clear if BTC has to drop then the support level will be between $13.9k and $14k, and if BTC has to rally then it must surpass the resistance of $19.9k to $20k.
Key points:
1. Support level: $13.9k or $14k.
2. Resistance level: $19.9k to $20k.
3. Entire social showing bullish news (which could be a trap).
4. RSI indicates a bullish rally.
I hope this update was helpful. Do like, share, and comment to show support for our community.
Thank you so much and trade safely.
Note: This is an important update so do read it till the very end. It will be much better if can spare your valuable time to read this update.
Today, I want to share with you all a thorough analysis of bitcoin and where the price is going to head next.
Highlight: It has been a long 420 days of a bear market ever since BTC hit the new all time high. Things have been pretty rough but that's part of the game. In a shorter timeframe, BTC has broken above the $17k resistance line which is good for the market.
Weekly Analysis: In the weekly timeframe, BTC is resting under the support and resistance horizontal line. These two lines are going to be crucial for BTC and the entire market. The resistance is based on 2017 all time high and the support line is based on the 2019 high.
Now, the supporting trendline (in white) shows how BTC has maintained it and BTC actually started rallying right after it hit the lower trendline. The resistance trendline shows the next bull run target for BTC which is beyond the $100k target.
The RSI is at the oversold range which shows a positive indication of a massive rally coming soon.
Bull Run: I believe the bull run is around the corner but before we see a rally, we may witness one last drop. From the current price, BTC can reach up to $18k to $19k, and then it may take drop back to $15k or below it. With such bullish hype in the market, things look skeptical and it could head in any direction. But one thing is clear if BTC has to drop then the support level will be between $13.9k and $14k, and if BTC has to rally then it must surpass the resistance of $19.9k to $20k.
Key points:
1. Support level: $13.9k or $14k.
2. Resistance level: $19.9k to $20k.
3. Entire social showing bullish news (which could be a trap).
4. RSI indicates a bullish rally.
I hope this update was helpful. Do like, share, and comment to show support for our community.
Thank you so much and trade safely.
