Current Situation
The Bitcoin price is testing the current resistance around $68,000 after a significant upward movement. The price is holding above all the key moving averages (EMA21, EMA50, and EMA200), signaling strength in the market. However, momentum indicators like the Stochastic RSI are showing oversold conditions, which could mean a pullback or consolidation is coming.
Scenario 1: Bullish Continuation
- If BTC manages to break above the $68,000 resistance, the next target would be the resistance zone at $69,400-$70,000.
- A successful breakout could push the price higher, leading to a continuation of the bullish trend, with more potential gains.
Scenario 2: Pullback to Support
- If the price fails to break above $68,000 and shows signs of exhaustion, we may see a retracement to retest the support around $66,500 or further down to $64,700 (EMA200).
- This pullback would still be within the uptrend as long as BTC holds above the moving averages, particularly EMA200.
Conclusion:
It’s a critical moment for BTC, and both scenarios are possible depending on whether it can break through the $68,000 resistance. Keep an eye on the next few movements to determine if a breakout or retracement will occur.
The Bitcoin price is testing the current resistance around $68,000 after a significant upward movement. The price is holding above all the key moving averages (EMA21, EMA50, and EMA200), signaling strength in the market. However, momentum indicators like the Stochastic RSI are showing oversold conditions, which could mean a pullback or consolidation is coming.
Scenario 1: Bullish Continuation
- If BTC manages to break above the $68,000 resistance, the next target would be the resistance zone at $69,400-$70,000.
- A successful breakout could push the price higher, leading to a continuation of the bullish trend, with more potential gains.
Scenario 2: Pullback to Support
- If the price fails to break above $68,000 and shows signs of exhaustion, we may see a retracement to retest the support around $66,500 or further down to $64,700 (EMA200).
- This pullback would still be within the uptrend as long as BTC holds above the moving averages, particularly EMA200.
Conclusion:
It’s a critical moment for BTC, and both scenarios are possible depending on whether it can break through the $68,000 resistance. Keep an eye on the next few movements to determine if a breakout or retracement will occur.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.