While it is currently stuck around $30,000, Bitcoin could end up at $42,000 in the coming weeks if it manages to regain this level as support. But for the moment nothing is won, here are the different objectives to watch for the BTC.
Bitcoin (BTC) Crashes 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 area (rectangle in yellow), level which acted as support throughout the previous Bull Run phase and which has therefore now become an important resistance zone to break.
Figure 1 – Weekly Bitcoin price chart (Weekly)
It will therefore be essential to cross this resistance again and thus regain the large blue rectangle, which would mean the return of the price to its old range phase, with the Ichimoku system that would support. In the meantime, it will therefore be interesting to watch the next weekly closings in order to know if the price will manage to break the SSB which also acts as resistance.
Everything is still to be done and a rejection below $32,000 could still lead the price towards another bearish leg in the coming weeks, so it is important to wait for confirmations. If the price passes this zone, there will be a good chance that it will continue its rise towards $42,000.level which will correspond to the next resistance SSB.
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Bitcoin (BTC) soon at 42,000 dollars?
On a lower time frame, Bitcoin is still stuck below its resistance around $32,000. As we mentioned above, breaking through this resistance again would allow BTC to rebound towards the SSB Weekly towards $42,000, a level that would perfectly correspond with a return of the price to the upper part of this widening pattern. rising in yellow in which the price has been moving since the beginning of the year.
Figure 2 – Daily Bitcoin price chart (Daily)
So will the price manage to break this resistance or should we expect a rejection? The next few days we will tell. Nevertheless, be careful that the BTC does not go back below $28,000, because then we would have the breakout of the lower trendline of the pattern, with a potential target downside around $20,000.
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Conclusion of 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 rise or rejection to come? Let your opinion be known in the comments.
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Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am 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 price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
