🕓 Time Frame: Weekly (Logarithmic)
🔼 Status: Bullish
📆 03/07/24
Analysis:
The Bitcoin chart on the weekly (logarithmic) timeframe, as expected, the price corrected to $58,400 and encountered significant buying pressure. Currently, Bitcoin is trading around $61,000, having increased by 9%. If the price can stabilize and close above $63,300 this week, we can anticipate the start of the next bullish trend.
Key Observations:
Current Price: Trading around $61,000 after a 9% increase.
Critical Level: Stabilizing and closing above $63,300 this week is crucial for the next bullish phase.
Mid-Term Targets:
$71,000 Immediate target based on previous resistance.
$76,000: Further bullish target.
$85,000: Significant psychological level.
$100,000: Major long-term target.
Conclusion:
If Bitcoin manages to stabilize and close above $63,300 this week, it could signal the start of a new bullish trend, with mid-term targets set at $72,000, $77,000, $85,000, and $100,000.
Disclaimer: I am not a financial advisor, and this information should not be taken as financial advice. Always conduct your own research before making any investment decisions.
🔼 Status: Bullish
📆 03/07/24
Analysis:
The Bitcoin chart on the weekly (logarithmic) timeframe, as expected, the price corrected to $58,400 and encountered significant buying pressure. Currently, Bitcoin is trading around $61,000, having increased by 9%. If the price can stabilize and close above $63,300 this week, we can anticipate the start of the next bullish trend.
Key Observations:
Current Price: Trading around $61,000 after a 9% increase.
Critical Level: Stabilizing and closing above $63,300 this week is crucial for the next bullish phase.
Mid-Term Targets:
$71,000 Immediate target based on previous resistance.
$76,000: Further bullish target.
$85,000: Significant psychological level.
$100,000: Major long-term target.
Conclusion:
If Bitcoin manages to stabilize and close above $63,300 this week, it could signal the start of a new bullish trend, with mid-term targets set at $72,000, $77,000, $85,000, and $100,000.
Disclaimer: I am not a financial advisor, and this information should not be taken as financial advice. Always conduct your own research before making any investment decisions.