BTC/USD Sees Fourth Consecutive Weekly Decline, Support Levels in Focus

Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we are diving into the potential price direction of a popular cryptocurrency based on the weekly and daily timeframes.

The weekly timeframe’s structure is pointing towards a potential rebound, with support levels at $56,796 and channel support from the recent low of $60,717. If bulls step in and take control, there is a possibility of a bullish flag formation forming. However, there is still a risk of further declines, with another layer of support at $51,948 potentially coming into play.

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On the daily timeframe, Thursday saw a break of trendline support and a move below the 50-day simple moving average. Despite these bearish signals, Friday showed a bullish AB=CD pattern at $54,678 and a 38.2% Fibonacci retracement ratio from $55,151. A decision point area at $50,601-$53,015 and support at $48,007 could be key levels to watch for potential price movements.

So, what is the potential price direction for this week? Sellers have an early downtrend present, but they will need to overcome strong support levels at $56,796 and $54,678 on the weekly and daily timeframes, respectively. If these levels are broken, the next key support area at $50,601-$53,015 could come into play, leading to a possible rebound higher.

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