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Bitcoin Technical Analysis: What to Expect in the Coming Days

BITCOIN Could see a DROP before HUGE rally!
BITCOIN Could see a DROP before HUGE rally!

In a recent video, Nick from Cheeky Crypto discussed the technical analysis of Bitcoin (BTC) and its potential price movements. He highlighted key levels and patterns that traders should be aware of.

One-Hour Chart

On the one-hour chart, BTC appears to be in a fifth wave move to the downside. This could target a range of $25,474 to $25,586. BTC is currently facing resistance at the 50 EMA and equilibrium.

Daily Chart

The daily timeframe shows a larger five-wave pattern with a target range of $22,696 to $23,875 for a fifth wave movement. Nick discussed the importance of breaking out of a structure above $28,588 to remain bullish. He anticipates a potential death cross on the daily timeframe, indicating a potential downturn.

Weekly Chart

On the weekly timeframe, BTC is currently resting on the 200 weekly EMA, with Bulls and Bears fighting for control. Closing above the 50 EMA on the weekly could provide strength, while closing below the 200 EMA might favor Bears.

Overall Outlook

Nick expects some volatility over the weekend but anticipates a slower Saturday in terms of price action. He believes that the key levels to watch are the 50 EMA on the one-hour chart and the 200 weekly EMA. If BTC can break above these levels, it could signal a bullish reversal. However, if BTC breaks below these levels, it could signal a further decline.

Conclusion

The technical analysis of Bitcoin is always a complex and ever-changing subject. However, by understanding the key levels and patterns, traders can make informed decisions about their investment strategies.

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