Orhan 
Friends, we tried to analyze how Bitcoin’s price movement might look for next week by combining general data and technical analysis. In this article, you’ll find what key price levels are crucial for us and what we need to pay attention to in our trades. You can carefully examine these and shape your strategy accordingly.
On the Bitcoin chart, a narrowing triangle formation has appeared. While this pattern is generally known as a bullish formation, I believe short-term declines might continue for a while. The reason for this is that during the upward movement, the gaps left below on the chart are putting downward pressure on the price. Additionally, the high amount of liquidity accumulated below the $61,600 range is one of the factors that could pull us down. Since we are heading into the weekend, we may see a low-volume market, which creates a suitable environment for further drops.
For the uptrend to continue, we need to see 4-hour candle closures above $63,600. It doesn’t make sense to enter trades before breaking the red trendline, so it’s best to wait for now. In case of potential pullbacks, our support area is around $60,200, but dips below this level and price wicks are also possible.
We observe that the exact opposite of the pattern we see in Bitcoin is forming in the USDT dominance chart, which is another indicator that strengthens our expectations. This is because if the dominance reacts at this level, it’s likely that the expected pullback in Bitcoin will occur. Currently, dominance has reached a critical support level, and it could make one more move from here. As we know, USDT dominance usually moves in the opposite direction of Bitcoin, which suggests that we might see a pullback in Bitcoin. Therefore, as mentioned, it’s important to track the breaking of key points and reaction levels in Bitcoin.
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