BITCOIN continues the strong parabolic move taking the old ATH. See the next levels of S&R.

BTC Weekly chart (BYBIT)


BITCOIN continued the strong rally and the parabolic move managing to make a new ATH at 69405 USD. Everyone's question now is how long this trend will continue and what are the key S&R levels. Let's find out.

For now, Bitcoin price got a strong rejection from the previous ATH of 69100. After a fast selloff down to 597173, seems like the buyers have stepped back in and pushed back the price close to the old ATH.

Looking at the bigger picture we can see the development of the parabolic move. From this point on I can see two possible scenarios:
The first one might start a correction, pushing the Bitcoin lower in the next weeks, possibly into the 48900-50700 area (that only if the 60k level is lost as support).

The second scenario is for the Bitcoin price to stabilize in this area and make a new attempt to push higher. Above, we have strong levels of resistance into the 71980 area, 77500 (diagonal of resistance), and higher the above channel of resistance of 84280-87670.


Usually, the apex of the parabolic is very volatile and ends with a very strong move-up followed by a minimum 50% correction.


Personally, from this point, I will wait for a stronger correction and I will look for the key support levels to buy back again, or, in case of a continuation up, I will look for a strong level of resistance to start a swing short trade.


Note: Check your broker chart and see the price level difference. This is just my opinion and it is not meant to be a signal or financial advice. Trade safe and manage your risk.


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