Bitcoin (BTC) Price Analysis: A Look at the Weekly Charts (16-May)

2:21 pm, Mon, 16 May 22

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
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1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $30,000 mark and has been going sideways for the past couple of days. As mentioned in our previous analysis, the price is currently trading within a major support zone ($29K – $30K) but is struggling to gain more momentum. Right now, the resistance we are watching for BTC Is around the $31,000 mark. If the price manages to break this level in the immediate short term, more buyers will likely step in to push the price higher. Let’s take a look at the 1-week charts this time to see where the price is headed in the mid-term.

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Analyzing the Charts

If we take a look at the 1-week charts for BTC, the first thing we can notice is the falling wedge that we have pointed out previously as well.

A falling wedge is usually a bullish pattern that forms during a downtrend. It indicates that the bears are losing control and the price will break towards the upside eventually.

However, the more important thing we need to pay attention to right now on the 1-week timeframe is the support zone around $29,000 to $30,000 region. We can see that the last candle BTC closed on a 1-week timeframe was above this region. The candle also closed above the previous lows that were touched by Bitcoin in the second quarter of last year.

Now it seems likely that we will see further downside movement for BTC in the short term. However, the price will bounce back and in the mid-term, we can expect Bitcoin to move in an uptrend.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin closed the weekly candle above a crucial support level which is a healthy sign for the market. We would not be tipping our toes into the Bitcoin pool just et as further downside movement is expected this week. However, once the volumes start to flow in, we can expect Bitcoin to go up in the mid-term and touch the $35,000 region. A relief rally is highly likely here as BTC has been falling consistently for the past several weeks.

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