Zoom BTCUSD out on the weekly chart and we will see how the Bulls managed to conquer a very important weekly resistance that gave the sellers a final exclamation point. Crypto bull market is back! Seems to me that the $14-15K was the final dip that got never retested this year!

The buyers able to reclaim the $34,500 strong resistance after a good fight for many months this year following that dip, a period of further upside move and recently hit a weekly high of almost $38,000 similar last week. Can be a double weekly top, yes for some minor pirce pullback but the good thing is that buyers were able to step in and put strong bids which we saw this week's dip. Lower timeframes specially 4-hour chart should prove that price action real well.

I love to see BTC price now hovering midway which convinces me more that the Bulls' motive is to target the 38.20% ATH Fib Retracement precisely located at the $42-43K area, my long target. I expect a continuous sideways to end this weekly candle and expect an uptrend next week. I put a long entry at $36,250 and in case my analysis fails me, A swing low stop loss at $32,250 giving me 1.50 risk:reward score. A decent one.

We'll see how it goes. Good luck and happy trading!

Bitcoin Bulls Reclaimed A Crucial Weekly Ready For More Upside!

Nov 17 2023

Entered +14.83%

Holding time 17d10hr

41623.60

Current price

42250.00

Take profit price

1