Long-Term Weekly Perspective on Bitcoin: Key Support and Resist

21 янв.

This analysis provides a long-term weekly perspective on Bitcoin (BTC), focusing on critical support and resistance levels from the current price of $41,670 to the projected bottom and potential highs. As we look towards a holding period from July 2024 to October-November 2025, understanding these levels becomes crucial for strategic planning.

Current Situation:
As of now, Bitcoin is trading at $41,670, showing signs of volatility within established ranges.
Projected Long-Term Bottom:

The 300-week moving average (MA), marked by a thick white diagonal line on the chart, suggests a potential long-term bottom in the vicinity of $26,000 to $29,000.
This bottom is expected to be the absolute low from which Bitcoin could rebound.

Key Support Levels (From $41,670 to $38,000):
Immediate Support:
Around the $40,276 mark, a psychological and technical level.
Secondary Support: The $38,000 level, which has historically acted as both support and resistance.
Critical Long-Term Support: The $26,000 - $29,000 range, aligning with the 300-week MA, represents a crucial zone for long-term holders.

Key Resistance Levels (From $41,670 to $56,000):
First Major Resistance: Around $44,000 to $46,000, where BTC has previously encountered selling pressure.
Following Resistance: The $50,000 to $53,000 zone, which has acted as a strong psychological barrier.

Major Resistance Target: The $56,000 level, which could cap any significant bullish runs in the medium term. (I don't think we go here before halving but would be nice)

Strategy Going Forward:

Planning to Hold (July 2024 - Nov 2025): Given the projected holding period, investors should prepare for potential fluctuations and bear in mind the long-term support at the 300-week MA.
Watching Key Levels: It's crucial to monitor how Bitcoin reacts upon approaching these support and resistance levels, as they will provide valuable insights into market sentiment and trend strength.

Conclusion:
This long-term weekly perspective on Bitcoin suggests a cautious approach, with a focus on key technical levels. The projected bottom near the 300-week MA presents a potential buying opportunity for long-term holders, while the resistance levels up to $56,000 offer insight into potential sell-off points or profit-taking levels. As always, market conditions can change, and staying informed on global economic factors and market news is essential.

Disclaimer:
This analysis is for informational purposes and should not be considered financial advice. Always conduct your research and consult a financial advisor for personalized advice before making investment decisions.