$BTC
Technical Analysis of Bitcoin (BTC) - Weekly Frame
From the weekly chart, we observe that Bitcoin is currently experiencing a strong rebound after several weeks of correction. Below are the key technical points:
Bollinger Band:
The band has started to widen again after a period of contraction, indicating the possibility of a strong price movement.
The price is currently moving towards the upper limit of the band, reflecting good buying momentum.
RSI (6) = 76.17:
The indicator is in the overbought area, but this also reflects the strength of the current momentum, and the price may continue to rise before any slowdown occurs.
Weekly Candles:
The shape of the last candle is bullish and strong, with a close near the weekly peak = a sign of market confidence.
Moving Averages (MA5 and MA10):
The price has exceeded MA10 and is heading to test a previous resistance area, indicating a likelihood of continued rise.
MACD:
A positive crossover has started on the indicator with a narrowing negative gap, supporting the upward trend.
Conclusion:
Bitcoin appears to be at the beginning of a new upward wave on the weekly frame, but we recommend monitoring the nearby resistance level at $109,500. If it is breached with a weekly close, we may see Bitcoin heading towards $116,000 and possibly higher.
Alert: The markets are still volatile, so capital management is essential.