Bitcoin Price Weekly OutlookKey Support and Resistance Levels NowOutlook For This WeekTerminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
Shooting Star Candle: A candlestick that occurs after an uptrend, marked by a long wick upwards above the candle body and a smaller wick (or no wick) to the downside. The long wick up indicates strong selling near the highs. This candle can often indicate the end of an uptrend.
Doji Candle: A candlestick that closes at nearly the same price at which it opened. This candle indicates indecision, and can signal a reversal in price action if it occurs after an uptrend or downtrend.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
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