Bitcoin Weekly Retest Done!

[ImThour]

Bitcoin has retested it's weekly support, which was a resistance throughout the 2022.
If you still have not bought some BTC for long term, you can start your DCA journey.

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[ImThour]

RESERVED. WILL UPDATE THE CHART HERE IN THIS POST IN SOME MONTHS.

[STT]

Looks good only thing now Ive noticed is the 200 day average is in slight decline.   Backtest completion would confirm with close of weekly bar I think it will be good to take a conclusion then.    A pullback is always quite normal so I hope we are so slight as to only pull back this much, it does appear we now line up quite nicely with prior peaks suggesting possible support for more then one reason.

[dragonvslinux]

Looks good only thing now Ive noticed is the 200 day average is in slight decline.

Also noticed this. Based on current candles being replaced with new ones, price would need to reclaim $23.6K to $22.6K in order for it to flatten out again. It will otherwise it will take 3 weeks before it will start rising again in near term if price holds $20.8K. It is still currently higher at $19.7K than the price it was crossed at $19.5K, so may well just drift back down to that level with price remaining above it...

Overall I haven't put that much consideration into it, it still remains relatively flat even if slightly trending downwards now. It just confirms that 200 days ago price was at slightly higher levels than they are now.

Backtest completion would confirm with close of weekly bar I think it will be good to take a conclusion then.    A pullback is always quite normal so I hope we are so slight as to only pull back this much, it does appear we now line up quite nicely with prior peaks suggesting possible support for more then one reason.

Likewise I see the weekly candle as being more relevant for confirmation of new support. Price could quite easily come down to $20.5K but still close above $21.5K without much effort.

[dansus021]

Well I hope this only retest to continue the run

Here I will share mine

• The RSI is still above 50 which mean is still good for bull
• The price rejected to break the Weekly EMA 50 - Or at least we need correction first
• We are still far away to touch the resistance zone at 25K level
• After breaking 25K level of Fibonacci I would expect to 36K  but I don't know maybe Q2 or Q3 this year

[dragonvslinux]

[After breaking 25K level of Fibonacci I would expect to 36K  but I don't know maybe Q2 or Q3 this year

Why is your fib a retracement from $56,356 to the low and not from $69K? If your target is 0.5 (conservative imo) then it would be $42K rather than $36K.

I assume it's because you've decided the local high is the 0.236 level, but I fail to understand the logic in this, as that's not how fib retracement works.



FYI if we get a 2019-style move then the target would instead be the 0.618 at $48.5K, similar to the $13.4K target which price wicked above before correcting again.



That's a big IF I'm aware, but just providing context if we are to extrapolate bear market bounce targets. Likewise, with 2015 style consolidation for a year, it could take until Q3 2024 to reach $50K levels.

[dansus021]

It is because im not using regular Fibonacci Im using trading view Trend base Fibonacci and need previous trend to draw the next trend of Fibonacci and I targeted 0.5 which around 36K not 50K, and In my opinion 36 still achievable on this year