#BITCOIN Weekly TF Update | Golden Lion Trading
๐ฅ New All-Time High Achieved! But What's Next? ๐ฅ
This week, #Bitcoin on the Weekly Time Frame made history with a new ATH at $108,353, only to retrace significantly, dipping to the critical support zone near $96,714. This zone coincides with last week's rejection area.
๐ Key Observations:
The weekly candle is struggling to close above $97,300, a critical level for bullish momentum.
A close below this threshold could pave the way for sideways movement or further downside pressure into year-end.
๐ Technical Breakdown:
1๏ธโฃ Candlestick Analysis: This week's sharp rejection highlights intense selling pressure, suggesting potential consolidation or a bearish setup ahead.
2๏ธโฃ RSI Analysis: The RSI(6) remains near 67, showing weakening momentum. A break below 60 could validate bearish divergence.
3๏ธโฃ Volume Trends: Higher sell volume signals potential exhaustion in the recent rally, with buyers hesitating near the ATH.
โ ๏ธ Caution Alert!
We previously warned about this potential dump, and it has played out as anticipated. Traders should watch for range-bound action as whales may accumulate liquidity before the next significant move.
๐ก Golden Lion Insights:
Watch the $97,300 zone for a breakout or breakdown.
A sustained bounce could target new highs, but failure may retest lower support levels at $95,000 and beyond.
Stay sharp; sideways markets are prime hunting grounds for savvy traders!
Whatโs your take on BTCโs next move? Drop your thoughts below! ๐
