Bitcoin Price Weekly Analysis – Setting Up For Next Move

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Bitcoin price fell sharply this past week as sellers managed to gain strength.
00 remains a pivot area in the short term, which must hold it the price has to move higher.

Bitcoin price struggled this past week, as there was a sharp downside reaction taking prices towards an important support area of 220.00. Buyers managed to protect the mentioned level and contained losses. The price is now consolidating in a range and looks like setting up for the next move. There is also a triangle pattern formed on the 4-hours chart of Bitcoin, which might act as a catalyst for the next leg in the near term. Currently, the price is trading around the triangle resistance trend line, which is also aligned with the 38.2% Fib retracement level of the last drop from 236.00 to 219.11. Moreover, the Upper Bollinger Band is also positioned around the mentioned Fib level, which sets up 225.00 as a major hurdle for buyers moving ahead. We need to see how long the price can stay below 225.00.

220.00 As a Support

The price this past week stalled around 220.00, which means that the weekly pivot is set and a break below the same might ignite more losses in the near future. On the downside, the Lower Bollinger Band can be seen as a support, which is also colliding with triangle support.

A break below the triangle support may perhaps take the price towards the weekly pivot, which holds the key moving ahead.

Intraday Support Level – 220.00

Intraday Resistance Level – 225.00

There are a couple of signs, which point that the price is at a critical juncture. The hourly RSI is just below the 50 level, which if breached towards the upside might help buyers to take the price higher.

Charts courtesy of Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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