Trend: Bullish
Target: $109,000
✅ Holding Breakout:
Bitcoin maintains the breakout of the descending wedge pattern and closed the weekly candle with a slight increase of 0.58%. Historically, the descending wedge pattern is considered a bullish reversal pattern, and this has indeed been realized with a strong upward move.
✅ Support and Resistance Levels:
The previous resistance zone between $88,000 and $92,000 has been surpassed. Now Bitcoin is targeting the next key level at $109,356, and then it will enter a price discovery phase. The $88,000 area has now become a support zone.
✅ Bullish crossover in MACD:
The weekly MACD indicator shows the approach of a bullish crossover (marked with orange circles). Every time this crossover has occurred previously on this timeframe, it was followed by significant increases. The histogram is also expanding positively, indicating strong momentum.
✅ Breakout in RSI:
The Relative Strength Index (RSI), currently around 58, has broken the long-term descending trendline and is now moving upward. This breakout reflects an increase in buying strength without any immediate signs of negative divergence.
Summary:
Trend: Bullish and Strong
Support: $88,000 ~ $90,000
Resistance: $109,356 → and then potential targets of $120,000 and $130,000
Momentum: Increasing (MACD and RSI are positive)
The most important event: FOMC meeting on May 7.
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