BOTTOM-FORMING SUPPORT LEVELS ⟶CAN #BITCOIN BOUNCE BACK?
Bitcoin Analysis Summary 📊
#Bitcoin / 1-Hour Time Frame ⏰
Based on my previous analysis, I believed that as long as Bitcoin stays within the bullish channel 📈 on the 4-hour time frame, it could continue its strong upward trend towards the next targets:
Within the 4-hour bullish channel, there are three key support levels that could stop the current decline and trigger a new upward movement 🚀:
First Support Level: 63,313.25 - 63,400.00
Second Support Level: 62,557.24 - 62,621.90
Third Support Level: 61,669.95 - 61,735.13
Bitcoin may build a bottom at one of these support levels and rise towards the following targets:
Target 1: 64,267.20 - 64,611.60 🎯
Target 2: 65,976.95
Target 3: 66,755.85
Target 4: 68,375.15 📈
Stop-loss for the strong uptrend scenario:
If the third support level (61,669.95 - 61,735.13) is broken downward on the 4-hour time frame, a temporary decline may continue towards the 57,877 - 59,337 range 📉, where a new upward trend could begin.
Make sure to check out my previous analysis on the daily time frame as well! 📝
#Bitcoin / 1-Hour Time Frame ⏰
Based on my previous analysis, I believed that as long as Bitcoin stays within the bullish channel 📈 on the 4-hour time frame, it could continue its strong upward trend towards the next targets:
Within the 4-hour bullish channel, there are three key support levels that could stop the current decline and trigger a new upward movement 🚀:
First Support Level: 63,313.25 - 63,400.00
Second Support Level: 62,557.24 - 62,621.90
Third Support Level: 61,669.95 - 61,735.13
Bitcoin may build a bottom at one of these support levels and rise towards the following targets:
Target 1: 64,267.20 - 64,611.60 🎯
Target 2: 65,976.95
Target 3: 66,755.85
Target 4: 68,375.15 📈
Stop-loss for the strong uptrend scenario:
If the third support level (61,669.95 - 61,735.13) is broken downward on the 4-hour time frame, a temporary decline may continue towards the 57,877 - 59,337 range 📉, where a new upward trend could begin.
Make sure to check out my previous analysis on the daily time frame as well! 📝
Note
Hey, how’s it going? 👋
Did you keep an eye on my previous #Bitcoin analysis?
It finally formed a bottom after battling with the first support zone (63,313.25 - 63,400.00) 📉 and then started to rise 📈.
Target 1 from that analysis has been hit 🎯.
Another accurate prediction! ✅
I hope you’ve made a profit from it 💰.
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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.