๐ BITCOIN WEEKLY CHART ANALYSIS ๐
TREND: BULLISH | TARGET: $109K+
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โ Breakout Holding Strong
Bitcoin is firmly holding its falling wedge breakout, closing the weekly candle with a modest gain of +0.58%. Historically, falling wedges are powerful bullish reversal patterns โ and BTC has executed this pattern perfectly, triggering a strong upward rally.
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โ Key Support & Resistance Levels
The previous resistance zone of $88,000โ$92,000 has been cleared.
BTC now eyes its next major target: $109,356.
Beyond $109K, Bitcoin enters price discovery mode with potential upside targets at $120K and $130K.
New Support: $88,000 โ acting as a solid floor for further moves.
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โ Weekly MACD Bullish Cross Incoming
A fresh bullish crossover is forming on the weekly MACD (marked with orange circles).
Historically, each MACD crossover at this timeframe has led to massive upside moves.
The expanding histogram confirms strong bullish momentum building up.
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โ RSI Breakout Signals Strength
The RSI (~58) has broken above its long-term downtrend line and is trending higher.
This breakout indicates rising strength and buying pressure โ with no signs of bearish divergence in sight.
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๐ SUMMARY:
TREND: Strong & Bullish
Support: $88,000โ$90,000
Resistance: $109,356 โ then open sky (likely targets: $120K, $130K)
Momentum: Increasing (MACD + RSI both bullish)
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โฐ Major Event to Watch:
FOMC Meeting โ May 7
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