Bitcoin Daily Chart Analysis:!!Bitcoin Daily Chart Analysis:
Bitcoin recently found strong demand near the crucial $53,000 support zone, which prompted an impulsive bullish rally.
After breaking above the 100-day MA, Bitcoin experienced a corrective retracement. This pullback validated the breakout as the price fell back to the 100-day MA level and found support.
Rebound: Bitcoin has faced significant buying pressure at the 100-day MA, leading to a bullish comeback towards the $67,000 level.
Bitcoin could continue its bullish trend towards the crucial resistance zone around $70,000 in the mid-term if market conditions remain stable.
Traditionally considered a long-term trend indicator, a breach of the 200-day MA at $60.5K signals a crucial bullish shift.
The recent correction and subsequent bounce from the 100-day MA at $64.4K underscore its importance as a support level.
Monitor the $67,000 resistance level for a breakout. A sustained move above this level with high volume could indicate a potential further upside move towards $70,000.
Use the 100-day MA ($64,400) and the 200-day MA ($60,500) as key support levels. These levels provide strong buying zones in case of retracements.
If Bitcoin fails to break the $67,000 resistance or shows signs of weak momentum near this level, look for potential short opportunities.
Use $64,400 (100-day MA) and $60,500 (200-day MA) as crucial stop-loss levels to protect against bullish continuation.
Conclusion:
Bitcoin’s recent performance reflects a strong bullish sentiment with the potential for further upside move towards the $70,000 mark. Key support levels remain strong, validating a bullish breakout. Traders should closely monitor these levels and market conditions for optimal entry and exit points.
Let me know if you need further analysis or specific trading strategies.
