Bitcoin Technical Analysis: BTC Surges Past $69K, Faces Key Resistance Near $70kJamie Redman
Bitcoin technical analysis: BTC surges past $0.06 million and faces significant resistance near $0.07 million Jamie Redman
By the way, if you sort it out
Bullish and weak mood level 💲 67254-67611
Test for bullishness 💲 68009-68500
Liquidity pool 💲 around 69000
Target 💲 72000-74000
On July 29, 2024, Bitcoin continued its bullish trend, showing significant strength over multiple time frames. As of today, Bitcoin is trading at $69,456, and the 24-hour price range is between $67,618 and $69,842. Key technical indicators suggest that Bitcoin's upward momentum is likely to continue.
Bitcoin
The Bitcoin 1-hour chart shows a steady upward trend where the price is consistently above the main exponential moving average (EMA). The 10-period EMA at $67,134 and the 20-period EMA at $65,462 both suggest buying pressure. These short-term EMAs provide strong support levels and indicate that the current bullish momentum is backed by significant trading volumes.
BTC/USD daily chart.
The 4-hour chart confirms this positive outlook and shows that Bitcoin is well above the medium-term moving average. The 50-period EMA is $64,315, and the 100-period EMA is $63,636, both of which are registered as strong buying signals. This alignment of multiple EMAs over different time periods further supports the continued bullish trend.
BTC/USD 4-hour chart.
The daily chart summary reinforces this trend and highlights Bitcoin's resilience and strength. Both the daily simple moving average (SMA) and the EMA signal are firmly in the buying zone. The 200-period EMA provides long-term support at $59,378 and the 200-period SMA at $60,884, suggesting that Bitcoin's price is unlikely to fall below these levels without significant market changes.
The oscillator presents a more subtle picture. The Relative Strength Index (RSI) is 68, indicating that Bitcoin is close to being overbought but remains neutral. The Commodity Channel Index (CCI) is 109, and the fantastic oscillator (AO) also remains neutral. However, the 1,805 moving average convergence divergence (MACD) level indicates buying and provides further confirmation of bullish momentum.
Bull verdict:
Given the strong buy signals spanning multiple moving averages and the positive momentum shown by the main oscillators, it appears that Bitcoin is poised to continue its upward trajectory. Traders may think this is the right time to enter the market or add to an existing position.
Bear Verdict:
Despite the overall bullish indicators, some oscillators like RSI suggest that Bitcoin is nearing the overbought region, so be careful. Potential price corrections may occur if market sentiment changes or profits continue to be taken, and it is important for investors to keep a close eye on these signals.
Test for bullishness 💲 68009-68500
Liquidity pool 💲 around 69000
Target 💲 72000-74000
On July 29, 2024, Bitcoin continued its bullish trend, showing significant strength over multiple time frames. As of today, Bitcoin is trading at $69,456, and the 24-hour price range is between $67,618 and $69,842. Key technical indicators suggest that Bitcoin's upward momentum is likely to continue.
Bitcoin
The Bitcoin 1-hour chart shows a steady upward trend where the price is consistently above the main exponential moving average (EMA). The 10-period EMA at $67,134 and the 20-period EMA at $65,462 both suggest buying pressure. These short-term EMAs provide strong support levels and indicate that the current bullish momentum is backed by significant trading volumes.
BTC/USD daily chart.
The 4-hour chart confirms this positive outlook and shows that Bitcoin is well above the medium-term moving average. The 50-period EMA is $64,315, and the 100-period EMA is $63,636, both of which are registered as strong buying signals. This alignment of multiple EMAs over different time periods further supports the continued bullish trend.
BTC/USD 4-hour chart.
The daily chart summary reinforces this trend and highlights Bitcoin's resilience and strength. Both the daily simple moving average (SMA) and the EMA signal are firmly in the buying zone. The 200-period EMA provides long-term support at $59,378 and the 200-period SMA at $60,884, suggesting that Bitcoin's price is unlikely to fall below these levels without significant market changes.
The oscillator presents a more subtle picture. The Relative Strength Index (RSI) is 68, indicating that Bitcoin is close to being overbought but remains neutral. The Commodity Channel Index (CCI) is 109, and the fantastic oscillator (AO) also remains neutral. However, the 1,805 moving average convergence divergence (MACD) level indicates buying and provides further confirmation of bullish momentum.
Bull verdict:
Given the strong buy signals spanning multiple moving averages and the positive momentum shown by the main oscillators, it appears that Bitcoin is poised to continue its upward trajectory. Traders may think this is the right time to enter the market or add to an existing position.
Bear Verdict:
Despite the overall bullish indicators, some oscillators like RSI suggest that Bitcoin is nearing the overbought region, so be careful. Potential price corrections may occur if market sentiment changes or profits continue to be taken, and it is important for investors to keep a close eye on these signals.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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