Bitcoin (BTC) Weekly Analysis - Week 31

Currently, to maintain the upward structure, BTC needs to anchor at least one H4 candle at 23:00 and even one H6 candle in the early morning at 1:00 on August 8th, above the support level of 29,044. (If this structure breaks, but the price still trades above the monthly support, the price will continue to move sideways in a sideways trend).

==> Temporary Resistance: 29,224

Key Support Level: 29,420 => any H4 candle closed above this level has the potential to form a direct upward movement to 30,203.

However, there is considerable selling pressure at the moment, and this scenario is unlikely to occur frequently.

==> Monthly Support: 28,698 => if this level breaks, the next target is at

Aug 07, 2023

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