#بيتكوين : The secret trend line that no one notices.
Bitcoin (#BTCUSD ) faced severe selling pressure yesterday, to the point where the daily timeframe has turned slightly bearish. However, what most people seem to overlook is the bigger picture on the daily timeframe; Bitcoin has managed to close the last five weeks above the pivot trend line.
What is this trend line? It is the level that started as resistance from December 9, 2024, to January 27, 2025, closing all weekly candles that fell below it, despite the wicks of the candles sometimes breaking above it. This confirmed its position as resistance at that time.
Now we see the opposite, five consecutive weekly candles closing above the pivot line. Note specifically how stable the closing of the last two weekly candles has been, showing not only the high volatility the market has experienced in recent weeks but also the same number of sellers and buyers present in the market (neutral). This is an indication that this is a consolidation phase, preparing Bitcoin for the upcoming rise. If we place the highest Fibonacci level (1.0) on this pivot, we will get a Fibonacci extension of 2.0 just above the $145,000 level. This perfectly aligns with other studies we've conducted showing a similar long-term target. $BTC
So do you think the pivot line will hold and push Bitcoin to $145,000?
