The recent dip in Bitcoin has sent shivers down the spines of traders, with many wondering if Bitcoin has finally hit rock bottom. One key price point has emerged as a potential beacon of hope: $61,970. Historically, this level has acted as a springboard for Bitcoin, leading to rebounds in February, March, and April. But will this time be different?
Technical analysts are scrutinizing the charts, searching for clues about Bitcoin's next move. The $61,970 mark has served as crucial support on multiple occasions, preventing steeper selloffs. However, some crypto analysts caution that a decisive break below this level could trigger a further pullback, potentially reaching $59,800 – another historical support zone.
If both $61,970 and $59,800 fail to hold, deeper corrections could be in sight, with $55,000 and even $51,600 emerging as potential landing spots.
On the flip side, if the bulls can defend the $61,970 territory, a bullish reversal could be on the horizon. Daily charts suggest an immediate climb towards $65,300, with resistance possibly kicking in around $70,000.
Only time will tell whether Bitcoin will once again find support at $61,970. Bitcoin whales are closely watching price action and technical indicators for signs of a breakout or breakdown.
Technical analysts are scrutinizing the charts, searching for clues about Bitcoin's next move. The $61,970 mark has served as crucial support on multiple occasions, preventing steeper selloffs. However, some crypto analysts caution that a decisive break below this level could trigger a further pullback, potentially reaching $59,800 – another historical support zone.
If both $61,970 and $59,800 fail to hold, deeper corrections could be in sight, with $55,000 and even $51,600 emerging as potential landing spots.
On the flip side, if the bulls can defend the $61,970 territory, a bullish reversal could be on the horizon. Daily charts suggest an immediate climb towards $65,300, with resistance possibly kicking in around $70,000.
Only time will tell whether Bitcoin will once again find support at $61,970. Bitcoin whales are closely watching price action and technical indicators for signs of a breakout or breakdown.
Trade active:
Entry was $61,970
Trade closed manually:
Update - Closed my trade at $63,500 manually, when the price was at its peak then rejected it at $64,200 in a short timeframe.
Comment:
Well, well, well! Looks like Bitcoin has found a temporary safety net around the $59,000 support level, as showcased in the chart above. Now the million-dollar question is: will it jump back up or take an even deeper dive?
While it's hard to predict the future, there's a chance that Bitcoin might continue its downward spiral towards $57,500 in the monthly timeframe.
While it's hard to predict the future, there's a chance that Bitcoin might continue its downward spiral towards $57,500 in the monthly timeframe.
Trade active:
Amazing! Bitcoin reached $57,500
my entry was $57,100
my entry was $57,100
Trade closed manually:
Update - got out at $58,000, Next Target $54,300
It will be crucial to observe whether it continues its upward momentum towards our price target or if it retraces back to test the bottom support once again.
Close attention should be paid to key indicators and price movements to anticipate any shifts in market sentiment.
btw, my trade is still active...