Bitcoin Weekly Chart Analysis

All attention is focused on Bitcoin as traders anticipate its next move. A glance at BTC's weekly chart reveals a consistent adherence to both the resistance level at 48k (marked by the red line) and the support at 41.5k.   

The close of last week's candle witnessed a significant drop in BTC's price to 38.5k, coinciding with a robust support level. However, buyers swiftly stepped in, maintaining the support at 41.5k by week's end, (green line). 

Should this support falter, speculation arises regarding the potential downward trajectory. While 38k presents a notable support level, a Fibonacci analysis reveals that the .382 level aligns closely with a strong support at 31k. Despite this, considering the rapid buying observed at 38k, any dip to this level would likely be swiftly countered. 

Examining key indicators such as the RSI, Stochastic RSI, and MFI, we note the RSI's upward trend, with recent highs surpassing the 70 overbought threshold. A plausible scenario involves a cooling-off period with the RSI retracing to its trend line while retaining bullish momentum. 

Conversely, the Stochastic RSI indicates a downward trend, with the blue line crossing below the oversold 20 level, suggesting a potential bullish cross-up in March, following the historical pattern of such occurrences every six months with the last being in September. 

Similarly, the Money Flow Index (MFI) mirrors the RSI's uptrend, currently testing support along its trend line. 

Considering these indicators collectively, a temporary cooling-off phase, possibly revisiting support levels around 31k prior to March, seems plausible. However, monitoring the strength of support at 35k and 38k remains crucial. Ultimately, this could pave the way for Bitcoin's resurgence towards new all-time highs, marking incremental progress in the ongoing bull market trend.

Credit:Steve