Bitcoin: Bulls Meet Key Fibonacci Weekly Resistance for BINANCE:BTCUSDT by DukesMarketAnalysis
The first of two Bitcoin charts this morning shows price testing the 0. 382 Fibonacci retracement around $66,322, which sits within a significant weekly resistance zone. Medium-term trend remains bullish Bitcoin continues to respect its medium-term uptrend after breaking above the June 27 high at $60,941, confirming a bullish change of character. The series of higher highs and higher lows remains intact for now. Weekly resistance being tested Price is now testing a significant area of weekly …
The first of two Bitcoin charts this morning shows price testing the 0. 382 Fibonacci retracement around $66,322, which sits within a significant weekly resistance zone. Medium-term trend remains bullishBitcoin continues to respect its medium-term uptrend after breaking above the June 27 high at $60,941, confirming a bullish change of character. The series of higher highs and higher lows remains intact for now. Weekly resistance being testedPrice is now testing a significant area of weekly resistance around $66,000, with the 0. 382 Fibonacci retracement at $66,322 adding further confluence. This is an important area where sellers have repeatedly stepped in. Trend still favours the bullsThe 100/50-period EMAs remain bullishly crossed, reinforcing the constructive short-term outlook. Stronger buying volume also continues to support the recent advance. Momentum remains constructiveRSI remains above the 50 level, and there is currently no bearish divergence, suggesting momentum continues to favour the bulls. Meanwhile, StochRSI is working off overbought conditions, allowing momentum to reset without significant price weakness. Support becomes keyThe initial level of interest sits around $65,600, while $65,068 remains the key support. A break below that level would produce a bearish change of character and weaken the current medium-term trend. In SummaryBitcoin remains in a constructive medium-term uptrend, supported by bullishly crossed 100/50-period EMAs, stronger buying volume and RSI holding above 50. However, price is now testing a significant weekly resistance zone around $66,000-$66,322, making this a crucial area for the bulls. A successful breakout would strengthen the bullish outlook, while another rejection could trigger a pullback towards $65,600 and potentially $65,068 before the next move. I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. Chart PatternsTechnical IndicatorsTrend AnalysisDisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use. Chart PatternsTechnical IndicatorsTrend AnalysisI analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.