FX.co ★ teagan.orn | #Bitcoin chart analysis

In terms of Bitcoin, it is obvious that this week buyers were not allowed to follow through on the formation of the northern signal. I fully admit that given the current situation, the price may return to the nearest support levels. For now, I am planning to focus on holding the support level, which according to my analysis is located at 60794, and the support level at 59200. Near these support levels, there could be two scenarios. The first scenario involves the formation of a reversal candle and a resumption of the upward price movement. If this plan is executed, I will wait for the price to return to the resistance level located at 67467. If the price consolidates above this resistance level, I will expect further northward movement, up to the resistance level at 73757. Near this resistance level, I will wait for the formation of a trading setup to help determine the next trading direction. Of course, there is also a possibility of reaching a higher northern target, which according to my analysis is at 80000. However, this will depend on the situation and will be influenced by the news flow during the price movement and how the price reacts to the specified higher northern targets. An alternative scenario for price movement when approaching the support level at 60794 or the support level at 59200 would be a plan where the price consolidates below these levels and continues moving south. If this plan is executed, I will expect the price to move towards the support level located at 50428 or the support level at 48303. Near these support levels, I will continue to search for bullish signals, anticipating a resumption of the upward price movement. Of course, there is a possibility of reaching further southern targets, but I am not considering them at the moment as I do not see a quick realization perspective for them. In short, next week I locally anticipate a possible retracement to the nearest support levels, and then, taking into account the existing global northern trend, I will be on the lookout for bullish signals in anticipation of a resumption of the upward price movement.