Bitcoin on the weekly timeframe
After topping near 126K, it entered a clear downtrend and fell to the 60–65K area. It spent a few weeks there, holding above the long-term rising trendline, then rose in a strong weekly candle that broke the downtrend and reached around 85–87K.
But the latest candles have started to show weakness, and the price has retreated to around 81K.
In my view, there’s a chance it could retest the 63–65K area over the next two months. It’s the same area where the rally began, and in time the rising trendline will reach it too—so that would be double support. If it holds, it could be the launch point for a new wave.
This scenario becomes less likely if we see a weekly close above 87–88K.
Not financial advice—this is my reading of the chart.
#bitcoin
After topping near 126K, it entered a clear downtrend and fell to the 60–65K area. It spent a few weeks there, holding above the long-term rising trendline, then rose in a strong weekly candle that broke the downtrend and reached around 85–87K.
But the latest candles have started to show weakness, and the price has retreated to around 81K.
In my view, there’s a chance it could retest the 63–65K area over the next two months. It’s the same area where the rally began, and in time the rising trendline will reach it too—so that would be double support. If it holds, it could be the launch point for a new wave.
This scenario becomes less likely if we see a weekly close above 87–88K.
Not financial advice—this is my reading of the chart.
#bitcoin