BTC/USDT Weekly Chart Analysis!!
Bitcoin is trading within a broad bullish structure on the weekly time-frame, following a breakout from a key long-term resistance level. The Ichimoku Cloud and moving averages provide insight into trend strength and key support areas.
BTC recently broke a long-term resistance (~$76,000). The chart suggests a possible retest of this level to confirm it as new support.
Bitcoin remains above the Cloud, indicating a continuation of the bullish trend
The Tenkan-sen and Kijun-sen are moving upwards, supporting the momentum.
Increased volume around the breakout zone confirms the upside move. Keep an eye on any spikes during the retest.
Immediate Support: $95,000 (local structure).
Key Retest Area: $76,000 (former resistance).
Short-term Target: $105,000.
Key psychological barrier: $120,000.
A successful retest of the $76,000 area could lead to a move towards $105,000, with the next target being $120,000.
Failure to hold above $76,000 could lead to a return to lower support at $65,000-$60,000.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated on market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
BTC recently broke a long-term resistance (~$76,000). The chart suggests a possible retest of this level to confirm it as new support.
Bitcoin remains above the Cloud, indicating a continuation of the bullish trend
The Tenkan-sen and Kijun-sen are moving upwards, supporting the momentum.
Increased volume around the breakout zone confirms the upside move. Keep an eye on any spikes during the retest.
Immediate Support: $95,000 (local structure).
Key Retest Area: $76,000 (former resistance).
Short-term Target: $105,000.
Key psychological barrier: $120,000.
A successful retest of the $76,000 area could lead to a move towards $105,000, with the next target being $120,000.
Failure to hold above $76,000 could lead to a return to lower support at $65,000-$60,000.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated on market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
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