Bitcoin key supply and demand zones forecast for the week

Currently, Bitcoin is trading at approximately 118,970 based on Bybit data.

As we conclude another week and begin a new one, I want to analyze the weekly candle chart, a Monday tradition, starting with the newly formed 4-hour chart. I'll identify the key supply and demand zones that have acted as pivots over the past week.

The central price zone for the recent week’s price movement is around 118,210. Resistance levels above this zone are at 120,290, 121,580, and 123,660, while support levels below are at 116,130, 114,840, and 112,760. Recognizing these zones helps in planning trades, whether to anticipate potential reversals or continuations.

Deepening my analysis, I emphasize the importance of supply and demand zones—areas where heavy trading has historically occurred—as critical indicators of support and resistance. These zones are formed where many past trades have executed, leaving distinct traces on the charts. Knowing how to identify and draw these zones accurately enhances trading precision considerably.

When trading based on these zones, it's essential to combine them with other technical indicators for confirmation, ensuring a comprehensive approach. I personally prioritize supply and demand zones as foundational tools for my trading decisions, honed through years of learning their significance.

Furthermore, I always share weekly supply and demand zones on Monday mornings to help traders align their analysis. While individual perspectives on chart analysis vary, mutual respect and a mindful approach are fundamental for successful investing. Learning to identify key supply and demand levels remains a core skill—one that I advocate for every trader aiming to improve their trading strategy.