Bitcoin - Weekly Chart Analysis - 11.01.25

1. Key Support and Resistance Levels

  • Resistance Levels:
    • ~110,000 USD: Recent high.
    • ~100,000 USD: Psychological level, acting as minor resistance.
  • Support Levels:
    • ~85,000 USD: Prior consolidation zone.
    • ~75,000 USD: Historical support from a prior swing high.
    • ~60,000 USD: Strong support from previous breakout.

2. Elliott Wave Theory

  • The visible pattern suggests Bitcoin may be in the final impulsive wave (Wave 5) of a larger Elliott Wave cycle:
    • Wave 1: Late 2020 to early 2021 rally.
    • Wave 2: Correction in mid-2021.
    • Wave 3: Strong rally in late 2021 to early 2022.
    • Wave 4: Multi-month consolidation in 2022–2023.
    • Wave 5: Current rally (targeting 120,000–130,000 USD).

3. Fibonacci Analysis

  • Fibonacci Retracements:
    • 38.2% retracement: ~80,000 USD (likely support in pullbacks).
    • 61.8% retracement: ~60,000 USD (strong support level).
  • Fibonacci Extensions:
    • 1.618 extension: ~120,000 USD (likely Wave 5 target).

4. Gann Angle Analysis

The sharp incline suggests Bitcoin is in a steep Gann angle (1x2 or 2x1 trajectory). If momentum slows, the price may revert to a lower angle:

  • Critical support zones: ~85,000 USD and ~75,000 USD.

5. Pivot Points

  • Weekly pivot: ~94,000 USD (current level).
  • Resistance 1 (R1): ~100,000 USD.
  • Support 1 (S1): ~85,000 USD.

6. Trendline Analysis

  • Uptrend Support: Drawn from early 2023 lows through subsequent higher lows (~75,000 USD).
  • Breakout Confirmation: Sustaining above ~100,000 USD validates continuation toward 120,000 USD.

Trading Strategy

Entry:

  • Long entry on a pullback to ~85,000–90,000 USD.
  • Confirm entry with strong bullish candlestick patterns or indicators like RSI crossing oversold.

Target:

  • Primary target: ~100,000 USD (psychological level).
  • Extended target: ~120,000 USD (Fibonacci 1.618 extension and Wave 5 projection).

Stop-loss:

  • Place at ~75,000 USD (below key support and trendline).

Alternative Strategy:

  • Breakout entry above 100,000 USD with target at 110,000–120,000 USD.

Risk Management

  • Risk-to-reward ratio: Minimum 1:3.
  • Adjust stop-loss as the price moves in favor.

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