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iamgauravpal

$BTC Analysis

Long
Bitcoin / TetherUS (BINANCE:BTCUSDT)  
iamgauravpal Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
Trend Analysis Support and Resistance Fibonacci BTCUSD bitcoinprice analysis chartanalysis Contains IO script
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trendanalysis supportandresistance fibonacci btcusd bitcoinprice analysis chartanalysis containsioscript
BTC Analysis

The weekly candle is looking very strong. For a downward move, it needs to close below 43.9K.

If the weekly candle closes above 45K, it's possible to see a move up to the 48K-50K zone or higher.
Comment:
As you can see, Bitcoin has been following an ascending channel on the weekly chart for a very long time.

It's currently holding the channel's midline quite well.

There are two possible scenarios:

1. The price could reach the upper channel line, which is acting as resistance. If it meets resistance there, it could then reject and fall back down to the lower channel line, which acts as support.

2. The price could reject from the upper resistance line and find support at the midline before continuing its upward trend towards 58K or 60K.
Comment:
BTC is very close to upper trendline of the ascending channel, make sure to book profits.

We can definitely see a rejection from the upper trendline to the middle line.
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