Bitcoin notched the 80K lower level.
Once it found a support on the 60k-65k level, Bitcoin started an awkward rally towards the 70K range. It was able to knock at the lower level of the 80K range, in the chart we spotted the previous support that became resistance.
Support becomes Resistance on the way up.
At this point those who were trapped at the 80k level broke even and those who started a position in the low 70K took profit. That’s why this level became a resistance.
It’s an uptrend in the daily.
Now the higher timeframe has to confirm it. In the Weekly chart there is still bear presence. The sentiment went from bearish to neutral. After this resistance it is expected that Bitcoin will retest the mid to low 70K range. If it is able to find a solid floor it will jump above the 82K level. It is very likely since it gained momentum at the 60K level, which proved itself to be a solid support.
Word of Warning
Only in a very catastrophic event where Bitcoin would close below 60K it would go way low to the 40k level. So 60k becomes the line in the sand.
Once it found a support on the 60k-65k level, Bitcoin started an awkward rally towards the 70K range. It was able to knock at the lower level of the 80K range, in the chart we spotted the previous support that became resistance.
Support becomes Resistance on the way up.
At this point those who were trapped at the 80k level broke even and those who started a position in the low 70K took profit. That’s why this level became a resistance.
It’s an uptrend in the daily.
Now the higher timeframe has to confirm it. In the Weekly chart there is still bear presence. The sentiment went from bearish to neutral. After this resistance it is expected that Bitcoin will retest the mid to low 70K range. If it is able to find a solid floor it will jump above the 82K level. It is very likely since it gained momentum at the 60K level, which proved itself to be a solid support.
Word of Warning
Only in a very catastrophic event where Bitcoin would close below 60K it would go way low to the 40k level. So 60k becomes the line in the sand.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.