Bitcoin consolidated between $63k and 
64K over the weekend, with $62.8k as short-term support. However, it’s still struggling to break into the liquidity zone above $64.5k.
As Monday began, the volume did not significantly increase. So, we’re waiting for the U.S. session to kick in for more action.
Overall, the technical indicators remain favorable. MACD is bullish, the VMA is still trending upwards, and while the RSI is high, it hasn’t yet entered overbought territory, keeping it neutral for now.
So, what’s next?
Well, two levels to watch will decide the next move.
If Bitcoin can push past $64.5k and grab that liquidity, we will likely see a move toward the upper trendline of the long-term channel (65k-66k).
On the other hand, a break below $62.8k could send us toward the lower boundary of the (short-term) ascending channel, around $61.5k, or even trigger a retest of the $60k level.
From my perspective, both scenarios are ok.
A $60k retest to flip it as support or continued upward movement toward the upper trendline would both set the stage for bigger moves. The real battle lines lie at the upper trendline or the $60k support zone. Stay cautious and watch for volume to confirm direction.
64K over the weekend, with $62.8k as short-term support. However, it’s still struggling to break into the liquidity zone above $64.5k.As Monday began, the volume did not significantly increase. So, we’re waiting for the U.S. session to kick in for more action.
Overall, the technical indicators remain favorable. MACD is bullish, the VMA is still trending upwards, and while the RSI is high, it hasn’t yet entered overbought territory, keeping it neutral for now.
So, what’s next?
Well, two levels to watch will decide the next move.
If Bitcoin can push past $64.5k and grab that liquidity, we will likely see a move toward the upper trendline of the long-term channel (65k-66k).
On the other hand, a break below $62.8k could send us toward the lower boundary of the (short-term) ascending channel, around $61.5k, or even trigger a retest of the $60k level.
From my perspective, both scenarios are ok.
A $60k retest to flip it as support or continued upward movement toward the upper trendline would both set the stage for bigger moves. The real battle lines lie at the upper trendline or the $60k support zone. Stay cautious and watch for volume to confirm direction.
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I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
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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.