Currently stuck around $30,000, Bitcoin could end up at $42,000 in the next few weeks if it manages to regain this level in support. For the time being, however, nothing is certain. Here are the different targets to watch for BTC.
Bitcoin (BTC) stalls below weekly resistance
In June, the price of bitcoin (BTC) finally managed to return to around $30,000. Now, a major test is underway, since as we can see on the Weekly chart, the price is still stuck below the $30,000 – $32,000 zone (yellow rectangle), a level which acted as support throughout the previous Bull Run phase, and which has now become an important resistance zone to be broken.
Figure 1 – Weekly Bitcoin price chart
It will therefore be vital to break through this resistance again and regain the large blue rectangle, which would return the price to its former range.with the Ichimoku system providing support. In the meantime, it will be interesting to watch the next weekly closes to see if the price can break the SSB, which is also acting as resistance.
Everything still to be done a rejection below $32,000 could still send the price on another downward leg in the coming weeks, so it’s important to wait for confirmation. If the price breaks through this zone, however, there’s a good chance it will continue to rise towards $42,000.which corresponds to the next SSB resistance level.
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Bitcoin (BTC) soon to reach $42,000?
On a lower time unit, Bitcoin is still stuck below its resistance around $32,000. As mentioned above, breaking through this resistance again would enable BTC to rally towards the SSB Weekly around $42,000, a level which would correspond perfectly with a return of the price to the upper part of this ascending broadening pattern in yellow. in which the price has been evolving since the beginning of the year.
Figure 2 – Daily Bitcoin price chart
So will the price manage to break through this resistance, or should we expect a rejection? The next few days will tell. However, be careful that BTC doesn’t fall back below $28,000, as we would then have a break of the pattern’s lower trend line, with a potential downside target around $20,000.
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Conclusion to this technical analysis
In the next few days, Bitcoin will have to break through its resistance at $32,000 to give a new bullish signal and allow the price to soar towards $42,000. So, new bullishness or rejection ahead? Have your say in the comments.
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Passionate about crypto-currencies since 2017 and a fervent advocate of knowledge sharing, I’m a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the Bitcoin and Ether prices, using my favorite indicators such as Ichimoku and chartist patterns.