From a high-level perspective, BTC is at 117500 on the weekly chart, above half of the previous bullish candle. Therefore, we need to follow whether this entire week can close above 116700. If not, it will continue the weekly downtrend!

However, the 3-day and daily levels are still in a bearish trend moving downwards. The bearish momentum of the MACD at the daily and 4-hour levels is still fermenting and has not reached its peak. Currently, the smaller levels are still falling and have not shown an effective bottom formation. We need to follow whether BTC can establish a bottom below 113500 to rebound upwards; otherwise, it will aim towards around 110000!

The daily resistance above BTC will form a small resistance at 116700, while a small support will form at 113500. Looking at the whole week, the major resistance level will be at 118200, and the major support level will be at 110000! #BTC#