Bitcoin: Medium-Term Uptrend Must Be Respected for BINANCE:BTCUSDT by DukesMarketAnalysis
Higher highs remain intact Following on from the first chart, it's equally important not to lose sight of what price is actually doing. Bitcoin continues to print a series of higher highs and higher lows, keeping the medium-term uptrend firmly intact. Trend still favours the bulls The 100/50-period EMAs remain bullishly crossed, with price continuing to trade above both moving averages. Stronger buying volume also supports the recent advance, suggesting buyers remain in control. Weekly …
Higher highs remain intactFollowing on from the first chart, it's equally important not to lose sight of what price is actually doing. Bitcoin continues to print a series of higher highs and higher lows, keeping the medium-term uptrend firmly intact. Trend still favours the bullsThe 100/50-period EMAs remain bullishly crossed, with price continuing to trade above both moving averages. Stronger buying volume also supports the recent advance, suggesting buyers remain in control. Weekly resistance in focusThe bulls are now testing a significant weekly resistance zone around $66,000, with the recent high coming in at $66,956. This remains the key area that needs to be reclaimed for bullish continuation. Momentum remains constructiveRSI continues to hold above the 50 level, while there is currently no bearish divergence despite the recent higher high. StochRSI is also working off overbought conditions, allowing momentum to reset without major price weakness. Higher lows now matterThe initial level of interest sits around $65,600, while $65,068 remains the key support. A break below this level would mark a bearish change of character and weaken the current medium-term trend. In SummaryBitcoin continues to respect its medium-term uptrend by producing higher highs and higher lows, supported by bullishly crossed 100/50-period EMAs, stronger buying volume and healthy momentum. While a rejection from the significant $66,000 weekly resistance zone wouldn't be surprising, the current structure remains constructive. Unless bulls begin losing recent higher lows, the trend still deserves respect. As always, follow price, not bias. 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.