Based on the image I provided of the weekly Bitcoin (BTC/USDT) chart, I will analyze some observations based on the visible elements:
1. General price trend:
The candles present show some fluctuations between up and down, with multiple Buy/Sell signals distributed over several points.
The price is clearly holding in a relatively high range at 69,224 USDT, which is an important resistance level.
There are multiple signals on "ChBrkLE" (indicating channel breakouts or long signals) which means the price is likely to continue in an upward movement.
2. Objectives shown in the chart:
There is a table in the picture showing the trading objectives:
First goal: achieved by 83.3%.
Second goal: 80% achieved.
Overall, 81.8% of the set targets were achieved, which gives a positive indication of the possibility of the upward trend stabilizing in the near future.
3. Support and resistance levels:
The first resistance level is at 69,224 USDT, which is a key level that must be broken to consolidate the uptrend.
Important support levels at:
66,833 USDT
65,105 USDT
If the price fails to maintain the upward momentum, it may decline to test one of these levels, especially the 66,833 level as a first support station.
4. Technical indicators:
There are signs of using the RSI (Relative Strength Index) which shows a level close to 52-59, indicating a balance between buyers and sellers, and no overbought or oversold conditions at the moment.
Moving average indicators (such as the visible moving average lines) indicate overlapping trends, meaning the market may be consolidating before taking a new direction.
5. Buy or sell strategy:
Given the repeated buy signals and the targets set, the uptrend still seems to be in play, but the 69,224 USDT level is an important barrier to overcome.
If the 69,224 USDT level is broken firmly, buying might be appropriate with the aim of targeting higher levels perhaps in the 70,000-72,000 USDT range.
If the breakout does not occur and the price starts to decline, one can consider selling with an initial target at 66,833 USDT and then 65,105 USDT if the decline continues.
Final recommendation:
Buy Advice: If the weekly candle closes above 69,224 USDT, a buy trade can be opened with a stop loss placed below 66,833 USDT.
Sell ââAdvice: If reversal signals appear near this level and fail to breakout, sell with targets at the mentioned support levels.
Conclusion: Focusing on the price action around the 69,224 USDT level is very important, as this level will determine the market direction for the coming period.
