Bitcoin’s on a tear, currently pushing toward a massive resistance at $77,000. While the momentum is strong, many traders seem to be overlooking this critical weekly trendline, which could pose a significant challenge in the short term.
Here’s my outlook:
• $77K Weekly Resistance: Expecting a brief pause or even a retracement here. This level has historically been a key pivot point and could act as a temporary cap on the recent bullish surge.
• Next Monthly Resistance at $79K: If we break through the weekly resistance, we’re likely to retest $79K quickly. This is the next big level to watch on the higher timeframes, as it may signal the last pause before the final leg up.
• Blow-Off Top Between $95-110k: Beyond $79K, I’m eyeing the potential for a blow-off top, with the final move targeting the $95-110k range. This would align with typical Bitcoin cycle peaks, where parabolic advances often reach unsustainable levels before a larger correction.
Again, I expect this cycle to top out earlier than many expect. I’m looking to the FOMC for guidance; another 50bps cut would likely confirm that behind the scenes, things are falling apart.
In summary, be cautious around $77K, but if we break through, the path to $100K could open up quickly. This run looks poised for a strong finish, but we’re in for some turbulence as we approach these key resistance levels.
Trade wisely and stay alert for sudden reversals.
Here’s my outlook:
• $77K Weekly Resistance: Expecting a brief pause or even a retracement here. This level has historically been a key pivot point and could act as a temporary cap on the recent bullish surge.
• Next Monthly Resistance at $79K: If we break through the weekly resistance, we’re likely to retest $79K quickly. This is the next big level to watch on the higher timeframes, as it may signal the last pause before the final leg up.
• Blow-Off Top Between $95-110k: Beyond $79K, I’m eyeing the potential for a blow-off top, with the final move targeting the $95-110k range. This would align with typical Bitcoin cycle peaks, where parabolic advances often reach unsustainable levels before a larger correction.
Again, I expect this cycle to top out earlier than many expect. I’m looking to the FOMC for guidance; another 50bps cut would likely confirm that behind the scenes, things are falling apart.
In summary, be cautious around $77K, but if we break through, the path to $100K could open up quickly. This run looks poised for a strong finish, but we’re in for some turbulence as we approach these key resistance levels.
Trade wisely and stay alert for sudden reversals.
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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.
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.