Weekly Analysis

The latest movement in Bitcoin has been significant, as it fell sharply from a previously identified resistance level. After several attempts to break through, the price faced a strong rejection. What can we anticipate from a daily viewpoint?

Dollar Currency Index Overview

The Dollar Strength Index has rebounded from a support level we had discussed. Initially, I expected the downward trend to persist; however, the market often reveals truths we may not foresee. This unexpected rebound has likely contributed to the decline in Bitcoin's price.

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What are my expectations from a daily analysis?

Daily Price Evaluation

Currently, we find ourselves in a robust area where the price has previously tested resistance in mid-June and early July. I foresee a local bounce upwards and do not see an invalidation of the rising trend. I am contemplating a long position with a target of $22,250.

Key Levels on the Daily Chart

In this daily chart, we observe key levels. The thin blue line represents the 200-period Moving Average, while the thin red line indicates the 50-period MA. The price has briefly dipped below the MA50, but we need to await the daily close to confirm this breakout or not. We are still quite distant from the MA200, making significant signals less relevant at this time.

Price has responded geometrically to the upper boundary of the Ichimoku Cloud, which I previously identified as a high-probability resistance, and is now targeting the base of the Cloud, attempting to act as support.

Potential Reversal Signals

As mentioned in my previous article, some indicators for a potential reversal have triggered. Currently, Stochastic has entered the oversold zone, suggesting a quick rebound may be imminent. However, I remain uncertain about the strength of this rebound and whether it will be sufficient to return to the $25,000 mark.

What should we particularly watch for?

In my opinion, the trend has not yet broken its upward trajectory. However, I wouldn’t be surprised if the price temporarily revisits lower levels of past support, likely around the $20,000 range.

Feel free to share your thoughts on this weekly update and let me know which indicators you would like to see more of or explained in detail.

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Please note that none of the information provided should be considered financial advice. Always conduct your own research before making any financial decisions.

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