Bitcoin / USD May Rise to 64,370 - 65,100 (READ DESCRIPTION)Bitcoin / USD May Rise to 64,370 - 65,100
Pivot Point: 61,760 – This level acts as the key pivot for price action. Trading above it signals bullish momentum, while breaking below may indicate downside risk.
Primary Strategy (Our Preference):
Entry Point: As long as 61,760 is support, expect the price to rise toward 64,370 and potentially 65,100.
Alternative Scenario:
Entry Point: If the price breaks below 61,760, consider short positions for potential downside.
Target Levels:
60,550: This serves as the initial downside target.
59,820: Further bearish momentum could push Bitcoin toward this lower support level.
Technical Outlook:
RSI Indicator:
The Relative Strength Index (RSI) is above 50, indicating bullish sentiment and supporting further upside.
MACD Indicator:
The MACD is positive and above its signal line, confirming the potential for further gains.
Moving Averages:
Bitcoin is trading above both its 20-period and 50-period moving averages (respectively at 62,441 and 62,143), signaling ongoing short-term strength.
Comment:
The RSI and MACD both indicate a bullish configuration. As long as the price remains above the 61,760 pivot point, further upside toward 64,370 and 65,100 is expected.
