#Bitcoin Weekly Technical Analysis by Cryptorphic, Target $155k!

10 thg 6

Overview:
This analysis looks at the historical and projected price movements of Bitcoin (BTC/USD) on a weekly chart.

Historical Price Movements:
1. First Major Rally (2016-2017):
- Growth: 4,499.77%
- Price Increase: From ~$430 to $19,439
- Duration: 86 bars (602 days)

2. Second Major Rally (2020-2021):
- Growth: 1681.18%
- Price Increase: From ~$3924 to $69,889
- Duration: 95 bars (665 days)

Current Trends:
- Current Price: $70,004.70
- Support Levels: $44,532,$52086, $60200, $68300 (Immediate support)
- Resistance Levels: $73,000.00 (immediate), $138,000-$155,000 (projected)

Moving Averages:
- Purple Line: 20-week moving average
- Pink Line: 50-week moving average

Future Projections:
- Potential Target: $138,000-$155,000
- Critical Date: April 2, 2024
- Trend Analysis: Watch for a breakout above $75,000.

Conclusion:
Bitcoin shows strong bullish trends. A breakout above $73,000 could signal another major rally. Monitor the 20-week and 50-week moving averages for trend confirmation.
Simple maths, Fractals and all the data from indicators suggest Bitcoin is poised to hit 100k+ by EOY.
SO AVOID THE NOISE, LOOK AT THE BIGGER PICTURE!

Disclaimer:
This is for informational purposes only and not financial advice. Conduct your own research before investing.

Please hit the like button if you like it and share your views in the comment section.

Thank you

#PEACE