Bitcoin’s Stellar Ascent: Unraveling the Technical Landscape
Weekly Chart: A Journey to the Summit
The weekly chart paints a captivating narrative, as Bitcoin’s price embarks on an audacious ascent towards its previous all-time high. This pivotal milestone looms large, beckoning the cryptocurrency towards uncharted territories. The swing high extensions, acting as beacons of potential resistance, stand at 32165, guiding the path of Bitcoin’s upward trajectory.
As the price action unfolds, a higher low is poised to emerge around the $40,000 mark, signaling the resilience of the bulls and the unwavering determination of the market to scale greater heights.
Key Levels to Watch on the Weekly
Resistance Zone: The formidable resistance zone resides around 69000, where a formidable force of sellers may emerge, eager to halt Bitcoin’s relentless advance.
Support: Should a downtrend materialize, albeit unlikely at this juncture, the swing low extension at 24925 would serve as a bastion of support, safeguarding Bitcoin from a precipitous decline.
Daily Chart: Bulls Reign Supreme
Top 5 things about UProfit
- Weekly chart: a journey to the top
- Key levels to keep in mind weekly
- Daily Chart: Bulls Reign Supreme
- Key levels to keep in mind daily
- Hourly Chart Analysis: Consolidation and Pivot Points
On the daily chart, Bitcoin exudes an air of dominance, perched majestically above both the 50-day SMA at 4437 and the 200-day SMA at 33604. A brief retreat below the 50 MA proved to be a mere blip, as the bulls rallied with unwavering resolve, heralding the dawn of a new bull market for the digital gold.
The question that lingers on every trader’s mind is the extent of Bitcoin’s ascent. Some envision a surge to $100,000, while others speculate on a stratospheric rise to $300,000 by year’s end. The market’s trajectory remains shrouded in uncertainty, leaving traders to ponder the possibilities.
Key Levels to Watch on the Daily
Resistance: The immediate resistance level lies at the recent high of 51730, where consolidation may set in as the market seeks equilibrium.
Support: The 50-day SMA at 4437 stands as the first line of defense, with the 200-day SMA at 33604 serving as a formidable barrier against a deeper retracement.
Hourly Chart Analysis: Consolidation and Pivot Points
Delving into the 1-hour Heikin Ashi chart, we observe a market in consolidation mode, with price action hovering around the pivotal level of 49165. This level holds immense significance, as holding above it signifies the continued dominance of buyers.
Key Levels to Watch on the Hourly
Pivot Point (P): The 49165 level is pivotal. Holding above it means buyers are still in control.
Resistance 1 (R1): At 54375, overcoming this level could lead to testing the daily high resistance.
Potential Trades: Navigating the Market
Top 5 things about UProfit
- Weekly chart: a journey to the top
- Key levels to keep in mind weekly
- Daily Chart: Bulls Reign Supreme
- Key levels to keep in mind daily
- Hourly Chart Analysis: Consolidation and Pivot Points
Bullish Trade Setup
Entry Point: Seek a rebound off the pivot point at 49165, or a decisive breakout above the current consolidation zone.
Stop Loss: A stop loss could be placed just below the 50-day SMA at 4437 to protect against a false breakout or a return to the bearish sentiment.
Take Profit: Initial profit targets could be set near the recent high at 51730, with the potential to extend gains if the price action convincingly breaks through this resistance.
Rating: A Bullish Outlook
Our assessment of the market conditions yields a bullish rating. Adjust the size of your positions according to the stop loss to ensure you are not risking more than a small amount of your evaluation account. Stay vigilant to changes in the market conditions that could invalidate the trade setup.
