Hello friends. #bitcoin is going through a very critical week. The last few days we are experiencing are really important because there will be new candlestick openings in both the monthly and weekly charts. The shapes, forms, and movements of the candlesticks have meanings, but the focus is on the opening and closing prices instead.
In the weekly chart, any movement above $60,482 will bring a BUY position. As long as the position remains between 61 and 64, or even 67, it will show weak progress.
Don’t be fooled by the current upward trend. The preparation isn’t finished yet. It’s too early to say that it’s soaring to an ATH (All-Time High); but it’s coming. 😂
Before that, it needs to make a small correction. It’s not mandatory, but necessary. Sometimes we don’t take what we need with us or we forget to take it. If Bitcoin doesn’t take what it needs, the same thing will happen. Therefore, it should either show a horizontal decline or enter a correction. It should do this by indicating SELL on the daily chart. Otherwise, it won’t progress solidly. This is what my understanding of peak-trough relationships in analysis tells me, what can I do. ☺️
The daily chart has started progressing without any hesitation. Until yesterday, it was cautious. This shows that people are rushing not to miss the train. That’s why it’s important to be careful.
Those who know me are aware that I don’t like to specify prices and levels in my analyses; but people want to see some numbers. For this reason alone, I’m indicating a few levels. Normally, you determine the direction, get on the train, and get off at a suitable stop. If the train you’re boarding is Bitcoin, it’s essential to make a controlled entry!
Now, the $64,896 level is very important. Staying above this level is crucial, and with that condition, $67,016 and $69,000 are reachable targets. If it stays at these levels or above throughout the next week and no correction comes, it will continue its path. The road is very long. There are important levels like 73, 75, 78, 80, 82, and 93.
Below, there are 60, 58, 52, and 48. As long as it doesn’t say 42, there’s no need to worry about these levels. I remember mentioning in a recent article that these levels are good buying spots. These were the last and expensive ticket spots. I hope it was helpful to someone.
Anyway, please do your owhelpful to someonen research. God luck.