BTC/USD | Bitcoin Has Been Boring For 10 Weeks,What's Next? for COINBASE:BTCUSD by ArmanShabanTrading
By analyzing the #Bitcoin chart on the weekly timeframe, we can see that BTC has been trading around the $60K area for almost 10 weeks without establishing a clear directional trend. This kind of market can become extremely boring, but many times the real move begins exactly when most traders lose patience. Currently, Bitcoin is trading around $63,500 and, in my view, the main scenario has not changed. I still expect a bullish move from this broader accumulation area. The most important …
#Bitcoin chart on the weekly timeframe, we can see that BTC has been trading around the $60K area for almost 10 weeks without establishing a clear directional trend. This kind of market can become extremely boring, but many times the real move begins exactly when most traders lose patience. Currently, Bitcoin is trading around $63,500 and, in my view, the main scenario has not changed. I still expect a bullish move from this broader accumulation area. The most important demand zone on the chart remains the Bullish Order Block around $52,500 – $60,000. Inside the current structure, the $60,000 – $62,000 area is also an important short-term support. A deeper structural level can be found around the Bullish Breaker near $48,000 – $50,000. On the upside, the first important area is the FVG around $67,000 – $73,000. Above that, the major Bearish Breaker Block is located around $81,000 – $87,000, followed by the Bearish OB around $90,000 – $96,000. The major long-term supply zone remains the ATH Bearish OB around $112,000 – $126,000. If buyers finally regain momentum, the next upside targets I’m watching are $67,000, $70,000, $73,000, followed by $81,000 – $84,000. If the broader bullish expansion develops, $90,000 – $96,000 would become the next major objective. For now, nothing has materially changed in my outlook. Bitcoin is still holding its major demand area, and I continue to expect higher prices once this long consolidation finally ends. Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !Best Regards , Arman ShabanDisclaimerThe 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.