BTC/USDT Weekly Chart Analysis!!
2024-12-09

Bitcoin is trading within a broad bullish structure on the weekly time-frame, following a breakout from a key long-term resistance level. The Ichimoku Cloud and moving averages provide insight into trend strength and key support areas.

BTC recently broke a long-term resistance (~$76,000). The chart suggests a possible retest of this level to confirm it as new support.
Bitcoin remains above the Cloud, indicating a continuation of the bullish trend
The Tenkan-sen and Kijun-sen are moving upwards, supporting the momentum.
Increased volume around the breakout zone confirms the upside move. Keep an eye on any spikes during the retest.

Immediate Support: $95,000 (local structure).
Key Retest Area: $76,000 (former resistance).
Short-term Target: $105,000.
Key psychological barrier: $120,000.

A successful retest of the $76,000 area could lead to a move towards $105,000, with the next target being $120,000.
Failure to hold above $76,000 could lead to a return to lower support at $65,000-$60,000.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated on market movements and adjust your trading strategies as needed.

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@Peter_CSAdmin