BTCUSD - Weekly Analysis

- The 2M chart is 8D away from closing and it is currently a Shooting Star bearish reversal pattern off of the $65,000 psychological number.

- Price hit and reversed off of the the major 261.80% Fibonacci target and formed a Bearish Engulfing Pattern, setting horizontal resistance at $64,895.22.

- Price is currently struggling to find support at EMA 8/9.

- Price is below 1M Pivots P resistance.

- TD Sequential Sell Setup 2/9 suggests a bearish wave until the Week of June 07.

- Weekly Bearish Engulfing & Monthly Shooting Star Parallel Channel middle line is at 161.80% Fibonacci target. The middle of the trading range then
reinforces support near $50,157.60.

- 3M Pivots P support is directly below 161.80%.

- Drawing a Fibonacci Retracement from the Weekly Bearish Reversal pattern to the 161.80% buy order gives a profit target of $53635.68,
at 23.60% and EMA 8/9 resistance.