BTC/USDT weekly analysis on 14th/Jul/2024
Hi, crypto traders.
#Last week's results and review
This is my first article in two weeks. During these two weeks, the price fell below the 1st target of 58,400 USD and further below the 2nd target of 56,500 USD, reaching 53,500 USD. After that, the price rebounded and has recently returned to levels exceeding 60,000 USD temporarily. Due to the CPI results, it seems that the timing of interest rate cuts in the United States might be advanced. Therefore, I anticipate that the market will either drop one more level before rising again or start rising from this point. Technically, this is a very difficult situation, and it could move in either direction.
# Current order of the candlesticks and MA lines
60MA (green) = 100MA (black) > the candle = 20MA (blue) > 5MA (red)
#Technical Positive Points
- If 5MA crosses and breaks above 20MA, a short-term rise is likely to begin.
- If the slope of 20MA continues as it is, it may start to turn upward.
#Technical Negative Points
- If 5MA rebounds at 20MA, it will enter a downward trend again.
- The downward trend of 60MA > 20MA > 5MA is still continuing.
- If the candlestick falls below 5MA again, it will become a short entry point.
#Trend forecast of this week : Wait and see
Technically, negative factors are still strong, but the chart is starting to show signs that the trend may soon reverse. Since the market could move in either direction this week, it is prudent to wait and see for a while to catch the next move. If the price rises above 64,000 USD, it is reasonable to consider that the upward trend has resumed. Conversely, if 5MA rebounds at 20MA and falls, it is likely that the downward trend will continue.
#Target points
If the price of Bitcoin increases
1st target: 63,900 - 64,800USD (Cross-point with 60MA & 100MA, the highest price on 1st/Jul/2024)
2nd target : 72,000USD (The highest price on 7th/Jun/2024)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 53,500USD (The lowest price on 5th/Jul/2024)
2nd target: 50,000USD (A nice round number)
3rd target: 45,000USD (A nice round number)
Let's enjoy trading this week too!
#Last week's results and review
This is my first article in two weeks. During these two weeks, the price fell below the 1st target of 58,400 USD and further below the 2nd target of 56,500 USD, reaching 53,500 USD. After that, the price rebounded and has recently returned to levels exceeding 60,000 USD temporarily. Due to the CPI results, it seems that the timing of interest rate cuts in the United States might be advanced. Therefore, I anticipate that the market will either drop one more level before rising again or start rising from this point. Technically, this is a very difficult situation, and it could move in either direction.
# Current order of the candlesticks and MA lines
60MA (green) = 100MA (black) > the candle = 20MA (blue) > 5MA (red)
#Technical Positive Points
- If 5MA crosses and breaks above 20MA, a short-term rise is likely to begin.
- If the slope of 20MA continues as it is, it may start to turn upward.
#Technical Negative Points
- If 5MA rebounds at 20MA, it will enter a downward trend again.
- The downward trend of 60MA > 20MA > 5MA is still continuing.
- If the candlestick falls below 5MA again, it will become a short entry point.
#Trend forecast of this week : Wait and see
Technically, negative factors are still strong, but the chart is starting to show signs that the trend may soon reverse. Since the market could move in either direction this week, it is prudent to wait and see for a while to catch the next move. If the price rises above 64,000 USD, it is reasonable to consider that the upward trend has resumed. Conversely, if 5MA rebounds at 20MA and falls, it is likely that the downward trend will continue.
#Target points
If the price of Bitcoin increases
1st target: 63,900 - 64,800USD (Cross-point with 60MA & 100MA, the highest price on 1st/Jul/2024)
2nd target : 72,000USD (The highest price on 7th/Jun/2024)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)
If the price of Bitcoin decreases
1st target: 53,500USD (The lowest price on 5th/Jul/2024)
2nd target: 50,000USD (A nice round number)
3rd target: 45,000USD (A nice round number)
Let's enjoy trading this week too!
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