With the price of Bitcoin looking better of late I wanted to analyze the weekly time frame. As a swingtrader I typically start with the daily, then weekly, monthly and 4 hr chart.
First thing I look at on the weekly is the all time highs hit last November of $69182,50, price has pulled back a lot on most of the cryptos since late last year.
As of the current week we see price looking a lot better but hitting the 42k resistance. In the previous weeks we see that the 45k price has been met with resistance on 3 occasions. It is pretty obvious but we will need to see these levels taken out here in order to get back above that key 50k level.
In the past we see that 30k support but most important is that price held the higher low getting to where things are currently.
I like the upside on BTCUSD but let's take out these 2 levels of resistance and off it goes.
First thing I look at on the weekly is the all time highs hit last November of $69182,50, price has pulled back a lot on most of the cryptos since late last year.
As of the current week we see price looking a lot better but hitting the 42k resistance. In the previous weeks we see that the 45k price has been met with resistance on 3 occasions. It is pretty obvious but we will need to see these levels taken out here in order to get back above that key 50k level.
In the past we see that 30k support but most important is that price held the higher low getting to where things are currently.
I like the upside on BTCUSD but let's take out these 2 levels of resistance and off it goes.