Time for some weekly time frame analysis on the one and only Bitcoin!
Is it just me or does something feel off about this current bull run for Bitcoin? Don't get me wrong we've been on quite the parabolic move since January 09 2023(roughly $16,500). Today Bitcoin is at $67,491(time of writing). What more can we ask for, right? It's just odd to me that we broke previous ALL TIME HIGH in Bitcoin price and we truly didn't go into a crazy euphoric price discovery pump. What held us back/holding us back? Sorry but I don't have the answer to that question.
What I can do is look at previous levels to gage where Bitcoin may be heading if we start moving to the down side. Giving all the credit to the yellow fib, white trend lines, blue horizontal ray's and the red box of support that was once resistance. Let's take a look.
First, our yellow fib failed to close above our previous ALL TIME HIGH wick. Bitcoin wicked slightly above previous ALL TIME HIGH but as of now we haven't had a candle body closure above previous ALL TIME HIGH(wick). Based on the Fib if we start coming down the first spot for support would be the .786 level at $57,536.12 and the .618 at $48,537.68.
Second, the white trend lines could also act as support for Bitcoin. The closest trend line is currently at $48,400. The lower trend line is currently at $39,500. We can add our two horizontal rays at $51,662.36 & $46,899.69. Both blue rays are plotted at levels we had many candle body closures then proceed to melt to the down sides.
Lastly, the red box of support which was previously resistance. This box acts as a magnet for Bitcoin regardless if Bitcoin is above or below it. Top of the box is at $41,900 & bottom of the box is at $40,233.
One thing is for sure we will have lots of volatility incoming for Bitcoin which will create waves throughout the entire crypto market! Trade safe, take profits and always have a plan. Till next time.
Is it just me or does something feel off about this current bull run for Bitcoin? Don't get me wrong we've been on quite the parabolic move since January 09 2023(roughly $16,500). Today Bitcoin is at $67,491(time of writing). What more can we ask for, right? It's just odd to me that we broke previous ALL TIME HIGH in Bitcoin price and we truly didn't go into a crazy euphoric price discovery pump. What held us back/holding us back? Sorry but I don't have the answer to that question.
What I can do is look at previous levels to gage where Bitcoin may be heading if we start moving to the down side. Giving all the credit to the yellow fib, white trend lines, blue horizontal ray's and the red box of support that was once resistance. Let's take a look.
First, our yellow fib failed to close above our previous ALL TIME HIGH wick. Bitcoin wicked slightly above previous ALL TIME HIGH but as of now we haven't had a candle body closure above previous ALL TIME HIGH(wick). Based on the Fib if we start coming down the first spot for support would be the .786 level at $57,536.12 and the .618 at $48,537.68.
Second, the white trend lines could also act as support for Bitcoin. The closest trend line is currently at $48,400. The lower trend line is currently at $39,500. We can add our two horizontal rays at $51,662.36 & $46,899.69. Both blue rays are plotted at levels we had many candle body closures then proceed to melt to the down sides.
Lastly, the red box of support which was previously resistance. This box acts as a magnet for Bitcoin regardless if Bitcoin is above or below it. Top of the box is at $41,900 & bottom of the box is at $40,233.
One thing is for sure we will have lots of volatility incoming for Bitcoin which will create waves throughout the entire crypto market! Trade safe, take profits and always have a plan. Till next time.