🔹 Market Overview:
Bitcoin has managed to hold the significant support level at $68,500 after a recent struggle, closing the daily candle above this level. This stabilization creates an opportunity for the price to move towards the $70,600 resistance.
🚩 Key Levels:
Fair Value Gap (FVG) at $70,600: This area, aligned with the 50% Fibonacci retracement of the previous wave, serves as a strong resistance for Bitcoin. Upon reaching this level, there’s a high chance of a bearish reaction and price rejection.
Order Block at $71,200: Another resistance at $71,200, overlapping with the 61.8% Fibonacci level, acts as an additional resistance zone that could potentially trigger a trend reversal.
📉 Potential Trend Reversal:
If the price encounters these areas (FVG or OB), there’s a high probability of a weekly correction initiating from these points.
📈 Inverse Head and Shoulders Pattern:
An inverse head and shoulders pattern is currently forming. If the neckline is broken, it could open a short-term buying opportunity.
🔔 Conclusion:
Breaking through these key resistance levels may indicate further bullish movement; otherwise, a pullback to support and a corrective phase might follow.
Bitcoin has managed to hold the significant support level at $68,500 after a recent struggle, closing the daily candle above this level. This stabilization creates an opportunity for the price to move towards the $70,600 resistance.
🚩 Key Levels:
Fair Value Gap (FVG) at $70,600: This area, aligned with the 50% Fibonacci retracement of the previous wave, serves as a strong resistance for Bitcoin. Upon reaching this level, there’s a high chance of a bearish reaction and price rejection.
Order Block at $71,200: Another resistance at $71,200, overlapping with the 61.8% Fibonacci level, acts as an additional resistance zone that could potentially trigger a trend reversal.
📉 Potential Trend Reversal:
If the price encounters these areas (FVG or OB), there’s a high probability of a weekly correction initiating from these points.
📈 Inverse Head and Shoulders Pattern:
An inverse head and shoulders pattern is currently forming. If the neckline is broken, it could open a short-term buying opportunity.
🔔 Conclusion:
Breaking through these key resistance levels may indicate further bullish movement; otherwise, a pullback to support and a corrective phase might follow.
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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.