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WEEKLY FORECAST ANALYSIS FOR BITCOIN

Date & time at Analysis : July 21-2023 14:19:00 GMT ZONE.

Bitcoin’s big picture remains the same

Bitcoin price has been consolidating around the $30k psychological level at nearly a month. This boring price is inside the weekly Bearish Breaker, extending from $29,247 - $41,273.

If any uptrend will be met with selling pressure. But so far, the bulls uptrend have been extremely persistent and have not given up.

Due to a conservative standpoint, Buyers can expect a short-term pullback to $27,947. But a better buying opportunity would be at the revisiting $25,000 psychological level.

At this level is key and necessary to be defended by bulls at all costs. A bounce from this foothold would be critical in continuing the 2023 bullrun.

The continuity of the ongoing rally would push Bitcoin price to retest the Bearish Breaker’s midpoint at $35,260.

Depending on expectations over the Bitcoin price could stop at $35,260 or hit at the $40,000 hurdle. If the rare scenario in which the retail hype catches traction, Bitcoin could retest the $50k psychological level.

In this case, Bitcoin would invalidate the Bearish Breaker set-up and would signal that the bulls are ready to tackle the all the time highest at $69,000 and potentially reach for fresh highs.

Image from
BTC-USDT 3D graph | 21-2023 14:19:00 GMT ZONE.

In the bullish outlook for BTC price is possible, a breakdown of the $25k psychological level would indicate a bulls fail to reach, as it will create a lower low point. In such a case, BTC could slide down to the $21,313 support level.

If a dire scenario occur , Bitcoin price could even nosedive to $17k lower level.

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Thanks for reading
Regards
Nuk

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