I expect Bitcoin to reach new all-time highs in the near future. Check where the seller is located.
Bitcoin technical analysis: Preparing for a new ATH.
🔍 Cryptocurrency king's technical outlook:
- Taking a closer look at Bitcoin's weekly chart, it is clear that the bullish momentum continues to soar. I have my sights set on a $79,000 target based on key technical formations and recent price action.
BTCUSD on weekly chart. Double magnet on ATH.
🧲 double resistance magnet:
- We are on the brink of addressing dual resistance magnets, which have historically been attractive in price due to their technical importance. Also this:
- The dreaded red resistance line has been tested twice so far. It marked weekly highs on April 12, 2021 and October 18, 2021.
- Upper border of the prominent yellow channel.
🚀 BTCUSD Current Trend:
- regain historic heights: Bitcoin has successfully regained its important all-time high of $69,000.
- give tail signals: The pronounced tails of this week's candles and last week's candles reveal underlying buying pressure, suggesting that the downside is being actively rejected.
📊 Cryptocurrency market trends: Still bullish:
- The uptrend is evident through the upward channel colored yellow, indicating continued positive momentum.
- The market has been consistently making higher lows, indicating the continued strength of the uptrend.
- Our eyes are now on the resistance line, which is being challenged for the third time and could be a stepping stone to a significant breakout or strategic retracement.
📈 Strategic considerations when trading Bitcoin:
- Wait for a decisive push above the current highs to consider a bullish entry point.
- Watch closely as the market approaches these critical resistance levels.
⚠️ Beware of Bitcoin short sellers here (near the previous high):
- Short sellers may want to hold on to their positions, especially as stop orders are triggered above all-time highs and further price increases are expected.
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- Remember that trading is inherently risky and it is important to engage in the market based on thorough analysis and personal risk appetite.
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