Is Bitcoin out of the forest of chaos?
Bitcoin recovery: is cryptocurrency finally out of the woods?
Bitcoin prices faced weekly resistance at $67,209 earlier this week and extended the correction for 3 consecutive days before finding support centered around the 50% Fibonacci retracement level of $62,736 (calculated from a high of $71,997 on 6/7 to a low of $53,475 on 7/5). As of Friday, BTC is trading 6.7% higher at $66,929 and is about to break through the weekly resistance.
If BTC continues to recover and surpass the weekly resistance of $67,209, it could rise 7% and retest the June 7 high of $71,997.
On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are trading above neutral levels 50 and zero, respectively. This steady momentum shows strong bullish sentiment in the market.
BTC/USDT Daily Chart
However, if it falls below $62,736 and falls below the uptrend line, the market structure will change from bullish to bearish by forming lower lows on the daily time frame. Such a scenario could trigger a 10% crash in Bitcoin's price to retest the July 12 low of $56,405.
The information on these pages contains forward-looking statements involving risks and uncertainties. The markets and products featured on this page are for informational purposes only and should not come across as recommendations for buying or selling these assets. You should conduct your own thorough research before making an investment decision. FXStreet
Bitcoin prices faced weekly resistance at $67,209 earlier this week and extended the correction for 3 consecutive days before finding support centered around the 50% Fibonacci retracement level of $62,736 (calculated from a high of $71,997 on 6/7 to a low of $53,475 on 7/5). As of Friday, BTC is trading 6.7% higher at $66,929 and is about to break through the weekly resistance.
If BTC continues to recover and surpass the weekly resistance of $67,209, it could rise 7% and retest the June 7 high of $71,997.
On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are trading above neutral levels 50 and zero, respectively. This steady momentum shows strong bullish sentiment in the market.
BTC/USDT Daily Chart
However, if it falls below $62,736 and falls below the uptrend line, the market structure will change from bullish to bearish by forming lower lows on the daily time frame. Such a scenario could trigger a 10% crash in Bitcoin's price to retest the July 12 low of $56,405.
The information on these pages contains forward-looking statements involving risks and uncertainties. The markets and products featured on this page are for informational purposes only and should not come across as recommendations for buying or selling these assets. You should conduct your own thorough research before making an investment decision. FXStreet
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
米70日30 主に暗号系株
MSTR CNC ALL HIG TEM SMLR JNJ ASTS RTX BE RGTI RNA PRAX TXT IOT NE NG BW ACHR JOBY OPCH RIVN 3350
61Followers
197Following
211Visitors
Follow