Hello, this is Greedy All-Day.
Today’s analysis focuses on Bitcoin (BTC).
Daily Chart Analysis
On the daily chart, Bitcoin is showing signs of rejection near the 99485 resistance level. The price has now moved back between the 20 EMA and 60 EMA, indicating a consolidation phase.
The red box supply zone remains a critical level.
If this zone fails to hold as support, the price could retest the lower support range of 70000–68000.
Weekly Chart Analysis
On the weekly chart, 89372 is the last line of defense for Bitcoin.
Key scenarios:
A breakdown below 89372 could lead to a correction down to the 82353 level, aligning with the weekly 20 EMA.
If selling pressure intensifies, the price could drop further to the major support zone at 73835.
Market Structure and Historical Context
Historically, Bitcoin has followed a pattern of one-way rallies to new highs, followed by extended corrections and sharp drops before resuming its upward trajectory.
However, since 2023, the pattern has shifted to a box-like, stair-step upward trend.
This reflects increasing liquidity in the market and the emergence of new cryptocurrencies, which has led to capital distribution across a broader range of assets.
Key Insight:
Significant corrections typically occur only when the weekly chart closes below the 60 EMA and subsequently faces resistance. Until then, the market may continue a long-term consolidation phase.
Conclusion
For margin traders, this zone offers limited buying opportunities.
Bullish Perspective:
There is no clear buy signal at this time.
Bearish Perspective:
The trend remains uncertain, but a failure to hold the 89372 support level could trigger significant selling pressure.
The daily chart is currently consolidating between the 20 EMA and 60 EMA.
While it’s unclear whether the next move will result in a golden cross or a death cross, a clear breakout in either direction is likely to drive substantial momentum.
Although this update doesn’t bring major changes to the previous week’s analysis, I’ll revisit Bitcoin as new developments emerge.
Let’s stay patient and trade wisely.