Weekly Analysis of BTC-USD
BTC witnessed a volatile last week, from its low of 
31K to close the week above 39.3K. On the weekly TF, it gained by ~9% and formed a Hammer candlestick pattern which depicts reversal is on the cards, mainly backed by positive news from El Salvador which have adopted BTC as a legal currency. At the time of writing, BTC is trading slightly above 40K.
Bitcoin after dropping by ~50% from its All-Time High has found its support in the range 34K- 30K, this range earlier also acted as a strong support base during its journey to ATH. The nearest support is now placed at 36.9K, the next support is presented by its 50-WEMA which is placed at 33.9K.
On the higher side, the immediate hurdle is placed at
41K, once we get decisive closing above this level, the next significant level to watch out for is present at 43K, followed by 48K.
On the Daily Time Frame, Bitcoin for the past 26 days has been consolidating in a narrow range of 34K- 40K. On June 14, BTC gave a close above 40K and is currently sustaining above that level, which depicts that buying momentum can continue in the coming sessions.
31K to close the week above 39.3K. On the weekly TF, it gained by ~9% and formed a Hammer candlestick pattern which depicts reversal is on the cards, mainly backed by positive news from El Salvador which have adopted BTC as a legal currency. At the time of writing, BTC is trading slightly above 40K.Bitcoin after dropping by ~50% from its All-Time High has found its support in the range 34K- 30K, this range earlier also acted as a strong support base during its journey to ATH. The nearest support is now placed at 36.9K, the next support is presented by its 50-WEMA which is placed at 33.9K.
On the higher side, the immediate hurdle is placed at
41K, once we get decisive closing above this level, the next significant level to watch out for is present at 43K, followed by 48K.On the Daily Time Frame, Bitcoin for the past 26 days has been consolidating in a narrow range of 34K- 40K. On June 14, BTC gave a close above 40K and is currently sustaining above that level, which depicts that buying momentum can continue in the coming sessions.
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