BITCOIN🪙WEEKLY TECHNICAL ANALYSIS FROM WCT🟢
🟢 It’s a new week, and we are back with yet another episode of our weekly TA. So, without wasting any further time, let’s dive into the $BTC chart to see what we can expect from Bitcoin in the upcoming week.
As we can observe in the charts, we've been experiencing some extremely choppy market conditions since last month, and they're still the same. The parallel channel we marked in the 27.7K to 30K area is now broken, as is the local demand zone.🔥
We've seen some extraordinary volatility during the last week, and as a result of that, more than 75% of the imbalance we have in the 26.5K to 25.5K area has now been filled. One of the primary reasons behind such choppy conditions is the uncertainty of the USA's economic data.🕯
As we mentioned in our previous updates, Bitcoin can still come down to the demand zone in the 25K area, and we can expect a bounce back or at least a relief rally from it to the upside. For now, the area around $27500 will work as a resistance to the price action, and it is highly advisable to monitor the levels we marked in our previous updates.💡
📈 Market sentiments are neutral, and we hope they don’t enter the fear territory soon, as it can have a negative impact on the $BTC price action.
Following proper preventive measures like stop-loss is highly advisable, especially when trading with leverage. Also, keep an eye on the US Stock Market's opening and closing times, as the markets can be highly volatile.
✍️ Note: This information is ONLY for educational purposes. WCT never intends to give you any piece of specific trading advice. Past performance is no guarantee of future performance.
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