$BTC on the weekly.
Price is at an inflection point.
The weekly 200-SMA and 200-EMA, both of which overlap at about 25,000 is currently the biggest resistance Bitcoin is facing.
25200 is also the August high.
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Price is at an inflection point.
The weekly 200-SMA and 200-EMA, both of which overlap at about 25,000 is currently the biggest resistance Bitcoin is facing.
25200 is also the August high.
1/4
With so many factors all pointing to 25000, how price responds to it over time will be a vital clue for what's to come.
Price may take some time with this level.
Price may take some time with this level.
Bullish Scenario 🐂
If price can close above 25000, price likely bounces towards 28000-30000s over time.
This could potentially even challenge the June 2022 high at 32500.
If price can close above 25000, price likely bounces towards 28000-30000s over time.
This could potentially even challenge the June 2022 high at 32500.
Bearish scenario 🐻
If a weekly candle closes back under 21400 (weekly 9-EMA and weekly low), it would greatly hurt the recent bounce structure and likely continue its former downtrend.
If a weekly candle closes back under 21400 (weekly 9-EMA and weekly low), it would greatly hurt the recent bounce structure and likely continue its former downtrend.
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