Hey, traders! Artem here with another Bitcoin update. Let's dive into the 4-hour chart and explore the recent price action to see what’s been happening since last week.
Bitcoin has broken through key levels, hitting a new high of $66,566 last Friday, and this could signal a potential uptrend. But is it all bullish, or should we watch out for a reversal?
On the chart, we’ve got a fresh Higher High (HH) at $66,566 and a Higher Low (HL) at $52,400, which typically suggests bullish momentum. However, there's a Rising Wedge pattern forming, which is often a bearish signal. Bitcoin has broken out of the wedge, moving down from $66,000 and is now trading around $63,570, near a key support level at $62,800 (marked in blue).
If this support holds, we could see some sideways movement followed by an upward continuation. But if the selling pressure continues and $62,800 fails, we might see a further decline toward $60,848, with $61,824 (marked in red) as a critical level to watch.
If you found this analysis helpful, don’t forget to like and follow for more market updates. Let's see where Bitcoin takes us next!
Bitcoin has broken through key levels, hitting a new high of $66,566 last Friday, and this could signal a potential uptrend. But is it all bullish, or should we watch out for a reversal?
On the chart, we’ve got a fresh Higher High (HH) at $66,566 and a Higher Low (HL) at $52,400, which typically suggests bullish momentum. However, there's a Rising Wedge pattern forming, which is often a bearish signal. Bitcoin has broken out of the wedge, moving down from $66,000 and is now trading around $63,570, near a key support level at $62,800 (marked in blue).
If this support holds, we could see some sideways movement followed by an upward continuation. But if the selling pressure continues and $62,800 fails, we might see a further decline toward $60,848, with $61,824 (marked in red) as a critical level to watch.
What’s your take on Bitcoin this week? Are we going long or short? Share your opinion in the comments – I’d love to hear your strategy!
If you found this analysis helpful, don’t forget to like and follow for more market updates. Let's see where Bitcoin takes us next!
Trade active
Equity market activly reacting (flushing🔻) on Middle East escalation and as well as PMI numbers come out on Tuesday. Bitcoin seems to fail on holding its ground at $61,800-62,000 zone. Now trading at $60,900 with spike down on $60,125 just an hour ago.
Trade active
NFP Friday! Little bit of mess on the markets, right? Bitcoin entering Low Liquidity zone for the weekend, beware of sideways or fakeouts on Sat/Sun trading sessions. Looking on comeback on Monday and here is possible creation of New HIGHER LOW >>> Se the chat below
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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.