Resistance Faces Another Test
Bitcoin is once again testing the key $64,700 resistance, the same area that rejected price earlier in the week. Bulls have managed to reclaim this level intraday, but a decisive close above it is still needed to avoid another lower high forming.
Trend Structure Continues to Improve
The 100/50-period EMAs have now crossed bullishly, with both moving averages beginning to slope higher. Price continues to trade above both averages, suggesting the short-term trend has shifted in favour of the bulls.
Momentum Remains Constructive
RSI continues to hold above the 50 level, reflecting improving momentum. StochRSI has also crossed into overbought territory, which often accompanies strong rallies, although it can also warn that upside momentum may begin to slow.
Volume Offers a Note of Caution
Volume has declined as price has pushed into the local range highs. While this can sometimes allow price to grind slightly higher, it also suggests buying conviction is not increasing, making this resistance area particularly important to watch.
In Summary
Bitcoin continues to strengthen from last week's bullish rejection at support, with improving trend structure and constructive momentum indicators. However, the recovery is now testing a major resistance zone around $64,700 on declining volume, leaving open the possibility of another lower high. A convincing breakout above resistance would strengthen the bullish case, while rejection would keep the recent range intact.
Bitcoin is once again testing the key $64,700 resistance, the same area that rejected price earlier in the week. Bulls have managed to reclaim this level intraday, but a decisive close above it is still needed to avoid another lower high forming.
Trend Structure Continues to Improve
The 100/50-period EMAs have now crossed bullishly, with both moving averages beginning to slope higher. Price continues to trade above both averages, suggesting the short-term trend has shifted in favour of the bulls.
Momentum Remains Constructive
RSI continues to hold above the 50 level, reflecting improving momentum. StochRSI has also crossed into overbought territory, which often accompanies strong rallies, although it can also warn that upside momentum may begin to slow.
Volume Offers a Note of Caution
Volume has declined as price has pushed into the local range highs. While this can sometimes allow price to grind slightly higher, it also suggests buying conviction is not increasing, making this resistance area particularly important to watch.
In Summary
Bitcoin continues to strengthen from last week's bullish rejection at support, with improving trend structure and constructive momentum indicators. However, the recovery is now testing a major resistance zone around $64,700 on declining volume, leaving open the possibility of another lower high. A convincing breakout above resistance would strengthen the bullish case, while rejection would keep the recent range intact.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.