Hello everyone,
This is my first post on Trading View where I attempt to analyze and predict BTC price movements.
To read market sentiment, I prefer to use weekly and monthly charts rather than daily. Therefore, I opened my chart in a weekly timeframe and analyzed BTC prices during September. The price failed to break from the downward trend line created by an all-time high, forming a triangle-shaped pattern on the chart. BTC was unable to break from the downward trendline resistance multiple times. Recently, the price has broken the resistance line and has been continuously bullish.
Currently, we are witnessing another struggle of the BTC price battling the resistance line. I think that BTC will be bullish in the next few weeks, but for now, it will probably trade sideways between 35000 to 45000 unless it breaks the resistance of 45000. Even if that happens, it would still fall back from the resistance of 48000 and continue to battle another resistance.
However, I firmly believe that the year 2024 will be a bullish year for BTC.
This is my first post on Trading View where I attempt to analyze and predict BTC price movements.
To read market sentiment, I prefer to use weekly and monthly charts rather than daily. Therefore, I opened my chart in a weekly timeframe and analyzed BTC prices during September. The price failed to break from the downward trend line created by an all-time high, forming a triangle-shaped pattern on the chart. BTC was unable to break from the downward trendline resistance multiple times. Recently, the price has broken the resistance line and has been continuously bullish.
Currently, we are witnessing another struggle of the BTC price battling the resistance line. I think that BTC will be bullish in the next few weeks, but for now, it will probably trade sideways between 35000 to 45000 unless it breaks the resistance of 45000. Even if that happens, it would still fall back from the resistance of 48000 and continue to battle another resistance.
However, I firmly believe that the year 2024 will be a bullish year for BTC.