Bitcoin Weekly Relief Rally (Short/Long-Term Targets + Support)

Here we have the weekly Bitcoin chart and now we enter the relief rally.

From May through July 2021 a support level was created.

This same support level was challenged this May (2022) and prices actually went below it but on a wick.

The past three weekly candles all wicked below the ~$29000 May - July 2021 support but only to recover and close above this level (red dashed line on the chart).

After 9 weeks of RED, Bitcoin closed with a hammer, at support, which signals that the trend is about to reverse.

We spotted the trend reversal (see related ideas below) and the relief rally is now on its way.

Our main targets as of this writing are set at $34,000, $36,000 and $38,000...

No new All-Time High, too early for that.

Maybe Bitcoin can hit $40K or $50K?

I will keep you updated but we go step by step.

If BTCUSD weekly manages to move and stay above EMA50 ($40,786), then we can consider additional growth.

Any trading below EMA50 and we enjoy the relief rally but that is it until we get confirmation from the charts.

Bitcoin will go to $200,000, $300,000 and so on but only one last major bear drop.

Conditions can change as mentioned above but this is what the market currently has in store for us.

Namaste.