BTCUSDT Weekly technical analysis of Bitcoin
The price of Bitcoin reached the top of the flag pattern last week, which indicates that the uptrend is likely to continue. Traders have tried several times before to bring bitcoins into the flag pattern, but failed to break support at the 20-day moving average (EMA) at $ 61,400.
Moving averages have an ascending slope and the relative strength index (RSI) is in the positive range, indicating that the ascending path is smoother than the fall. Given that buyers have been successful in pushing prices above $ 67,000, it is likely that acceleration will increase.
$ 75,000 will be the first target on this route and will probably act as a heavy resistance. If buyers cross this resistance, we may see a continuation of the uptrend to the target of the pattern at $ 89,476.12.
On the other hand, if the price falls from the resistance ahead, it is likely that Bitcoin will fall below the 20-day moving average. Closing the price below this support could open the way for a 50-day moving average (SMA) at $ 55,284.
Resistances: 75,000 - 89,476.12
Supports: 67,000 - 61,400 - 55,284 - 53,115
BTCUSDT
Moving averages have an ascending slope and the relative strength index (RSI) is in the positive range, indicating that the ascending path is smoother than the fall. Given that buyers have been successful in pushing prices above $ 67,000, it is likely that acceleration will increase.
$ 75,000 will be the first target on this route and will probably act as a heavy resistance. If buyers cross this resistance, we may see a continuation of the uptrend to the target of the pattern at $ 89,476.12.
On the other hand, if the price falls from the resistance ahead, it is likely that Bitcoin will fall below the 20-day moving average. Closing the price below this support could open the way for a 50-day moving average (SMA) at $ 55,284.
Resistances: 75,000 - 89,476.12
Supports: 67,000 - 61,400 - 55,284 - 53,115
BTCUSDT
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