BTC/USDT weekly analysis on 28th/Apr/2024

Hi, crypto traders.

Last week, the price rose to 67,200 USD and briefly surpassed 20MA, but then fell back. 5MA, 20MA, and 60MA are very close to each other, creating a situation where prices can easily move up or down. Under these conditions, a significant price movement is expected in the near future.

The current order of the candlesticks and MA lines are as follows.
60MA (green) > 20MA (blue) > 5MA (red) = the candle > 100MA (black)

While the candlesticks are still above 100MA, suggesting a potential for long-term increase, considering the order of 5MA, 20MA, and 60MA, as well as the significant decline in the slope of the 20MA, it is assumed that there is a high likelihood of a price decrease in the short term.

I summarize the target points for next week.

#Target points
##If the price of Bitcoin increases
1st target: 67,200USD (The highest price on 22nd/Apr/2024)
2nd target: 70,000USD (A nice round price)
3rd target: 73,800USD (The highest price on 14th/Mar/2024)

##If the price of Bitcoin decreases
1st target: 59,600USD (The lowest price on 19th/Apr/2024, Cross-point with 100MA)
2nd target: 55,000USD (Cross-point with 20MA/weekly chart, A nice round price)
3rd target: 50,000USD (A nice round price)

Let's enjoy trading this week too!