Bitcoin Technical Analysis
Updated
FxNews—Bitcoin has broken below the 100-period simple moving average and the ascending trendline, currently trading around $68,320. Meanwhile, the Stochastic Oscillator signals an oversold condition, suggesting that BTC/USD has the potential to consolidate near the upper resistance level. This outlook is supported by the Fair Value Gap visible on the 4-hour chart.
From a technical perspective, immediate resistance is at the 23.6% Fibonacci retracement level at $70,000. The BTC/USD pair’s outlook remains bearish as long as the price stays below this level and the 50-period SMA. In this scenario, the next bearish target could be the 50% Fibonacci retracement level after a minor consolidation.
From a technical perspective, immediate resistance is at the 23.6% Fibonacci retracement level at $70,000. The BTC/USD pair’s outlook remains bearish as long as the price stays below this level and the 50-period SMA. In this scenario, the next bearish target could be the 50% Fibonacci retracement level after a minor consolidation.
Trade active
Bitcoin's downtrend has extended below the 38.2% Fibonacci retracement level as expected, clearing the path for bears toward the 50% Fibonacci level at $66,245.Trade closed: stop reached
Based on Donald Trump's win speculation, BTC/USD exceeded the 23.6% Fibonacci retracement level, which favors cryptocurrencies.
The bearish scenario is invalidated.
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