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.