Bitcoin Weekly Chart Review
Today you can review the technical analysis idea on a 1W linear scale chart for Bitcoin (BTCUSD).
BTC was recently rejected near the top of the Major Support and Resistance Line which I pointed out in a chart on January 22, 2023 (included in this chart). The BTC price is headed lower and may possibly hold at the new strong support area noted on the chart. That is also the area of the Keltner Channel median line. Another concern is a Death Cross (50 and 200 SMA) is incoming very soon. This may cause the price to head lower heading to the bottom support line outlined in the chart. Lastly, RSI has turned over heading lower. Volume is making a lower low as well.
I see four scenarios at this point: 1) price heads to 15K, 2) price may see a bounce at the strong support area near 20.5K and bounce back up moving higher, 3) similar to scenario 2 but price will get rejected at the top of the Major S/R line forming a double top then head lower to 15K, and 4) price will go sideways for a few weeks for the RSI to cool down before any major move.
Overall BTC price looks concerning. Be careful.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
BTC was recently rejected near the top of the Major Support and Resistance Line which I pointed out in a chart on January 22, 2023 (included in this chart). The BTC price is headed lower and may possibly hold at the new strong support area noted on the chart. That is also the area of the Keltner Channel median line. Another concern is a Death Cross (50 and 200 SMA) is incoming very soon. This may cause the price to head lower heading to the bottom support line outlined in the chart. Lastly, RSI has turned over heading lower. Volume is making a lower low as well.
I see four scenarios at this point: 1) price heads to 15K, 2) price may see a bounce at the strong support area near 20.5K and bounce back up moving higher, 3) similar to scenario 2 but price will get rejected at the top of the Major S/R line forming a double top then head lower to 15K, and 4) price will go sideways for a few weeks for the RSI to cool down before any major move.
Overall BTC price looks concerning. Be careful.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
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