đ Bitcoin Weekly Update: Critical Moment Ahead
âĄď¸As I mentioned in previous updateđ, weâve been watching Bitcoin closely to see if it can break the weekly resistance and open a candle above that level. While the weekly candle initially opened below resistance, the body has now moved above it. We're now waiting for the next weekly candle to open, which will give us a clearer picture of Bitcoin's next move.
âĄď¸With just one day left for the weekly close, weâre looking at two possible scenarios:
1. Bullish Scenario: If Bitcoin closes the candle above the resistance line and opens the next weekly candle above it, we could see a rally toward $70k.
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2. Bearish Scenario: If Bitcoin falls and closes below $64k (the resistance line), and the next candle opens below it, a further drop to $60k could follow. However, the likelihood of this scenario playing out seems very low with only one day remaining.
âĄď¸On the daily time frame, Bitcoin has successfully broken the "W pattern" resistance as well. If Bitcoin maintains the weekly close above resistance, we could see a retest of the previous resistance of W pattern, which should now act as support, providing momentum for further gains towards $70k. However, if the weekly candle closes below resistance, Bitcoin may re-enter the "W pattern" zone, leading to a price decline.
âĄď¸Why is the bearish scenario unlikely? Several key factors are at play:
⢠The recent interest rate cut by 50 bpsÂ
⢠Binance CEO CZ comes out from prisonÂ
⢠Weâre entering a historically bullish quarter with the U.S. election around the cornerÂ
⢠ETF companies are buying, and Bitcoinâs supply on exchanges is at an all-time lowÂ
These factors point to a promising outlook for Bitcoin and the broader crypto market. However, this is crypto, where anything can happen, so stay prepared and manage your risk wisely.
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