Bitcoin - $32K-$40K-$26K-$16K(Update)

Bitcoin's latest weekly close above a key resistance zone has caught our attention, as the price is still backed up by some strong volume. Despite the new week starting with a dip from $37,300, the crucial close suggests a battle between bulls and bears. If bulls can maintain the upper hand, Bitcoin may target the $48,200 mark. Conversely, failing to hold these gains could see Bitcoin retest lower supports.

Also, watch out for BB and RSI, as both of them are still indicating that the price is overbought and we will most likely see some kind of correctional movement!

Swallow Team

Comment:

Once we see a weakness near current zones, we will see a dump towards $32K and then a potential push towards $40K. If the strength in the current zone continues, then $40K won't act as any major resistance (it will act more like psychological resistance) so aiming at $48 K here if we see push

So in conclusion: If we see dump, then 32-40-26-16 ; If we see push from current zones, then 48-40-32

Comment:

Price of BTC is having a nice movement to lower zones indicating to a potential weakness on the markets!

Comment:

Daily Candle had a nice fix below our trends which is good for sellers.