Hello Traders,
welcome to this free and educational multi-timeframe technical analysis.
On the weekly timeframe you can see that Bitcoin is once again retesting major previous weekly resistance from which we saw a quite harsh rejection towards the downside at the $31.000 level.
However you can also see that weekly market structure is still very bullish, Bitcoin is still creating higher highs and higher lows and there is always a higher chance that momentum continues so I am now just waiting for a clean break above the resistance and then I do expect another bullish rally.
On the daily timeframe you can see that Bitcoin is currently not able to break above the strong resistance level so we might see another retest of the $29.500 strong support zone and then I do expect a bullish rejection away from the support area.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
welcome to this free and educational multi-timeframe technical analysis.
On the weekly timeframe you can see that Bitcoin is once again retesting major previous weekly resistance from which we saw a quite harsh rejection towards the downside at the $31.000 level.
However you can also see that weekly market structure is still very bullish, Bitcoin is still creating higher highs and higher lows and there is always a higher chance that momentum continues so I am now just waiting for a clean break above the resistance and then I do expect another bullish rally.
On the daily timeframe you can see that Bitcoin is currently not able to break above the strong resistance level so we might see another retest of the $29.500 strong support zone and then I do expect a bullish rejection away from the support area.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
