Bitcoin (BTC/USD) - Weekly - Potential Support Trendline Test
Bitcoin (BTC/USD) has been in a long-term price uptrend since 2023.
However, Bitcoin has been in a short-term downtrend since April 2024.
Bitcoin price could potentially re-test Support Trendline 1 and support prices of approximately $56000 down to $55000.
Bearish Scenario: price falls and test support levels below such as $58000, $55000, $50000, $45000, $40000.
Bullish Scenario: price bounces and continues higher to resistance prices of $64000, $69000, $73000, $77000, $80000.
Note: crypto regulatory changes, government vs crypto exchange lawsuits, breaking news, corporate earnings, and global events could override technical chart patterns.
Date created: 05/10/2024
However, Bitcoin has been in a short-term downtrend since April 2024.
Bitcoin price could potentially re-test Support Trendline 1 and support prices of approximately $56000 down to $55000.
Bearish Scenario: price falls and test support levels below such as $58000, $55000, $50000, $45000, $40000.
Bullish Scenario: price bounces and continues higher to resistance prices of $64000, $69000, $73000, $77000, $80000.
Note: crypto regulatory changes, government vs crypto exchange lawsuits, breaking news, corporate earnings, and global events could override technical chart patterns.
Date created: 05/10/2024
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Second Bullish Profit Target reached: $69000
Date: 05/21/2024