Bitcoin technical analysis
The overriding technical starting point for Bitcoin has brightened significantly after the outbreak via a significant resistance cluster. A short break should be planned.
Bitcoin (BTCUSD) had made an upper reversal in the form of a head-and-shoulder formation below the record high of around USD 64,000 in April. The subsequent sell-off caused the price to collapse to a low of USD 28,600. Above this mark, the coin established a broad trading range that extended to USD 41,342.
Medium-term buy-signal
The coin has now succeeded in both dissolving the trading range and at the same time breaking the downtrend line from the record high. This bullish signal pushed it to a rally high of $ 48,190. Below this, the listing is now consolidating the latest price surge. We ultimately expect the upward trend to continue towards the target region at 56,600 points. Intermediate stages can be identified at USD 51,600 and USD 53,500. A procyclical follow-up buy signal would arise with the breakout of the current consolidation above 48,190 USD.
Setback ahead?
In view of the short-term overbought market situation, a clearer pullback in the direction of USD 43,800 and USD 40,900-42,600 appears possible. Only below the last-mentioned zone would the situation deteriorate with an immediate downside risk in the direction of USD 37,300.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
The overriding technical starting point for Bitcoin has brightened significantly after the outbreak via a significant resistance cluster. A short break should be planned.
Bitcoin (BTCUSD) had made an upper reversal in the form of a head-and-shoulder formation below the record high of around USD 64,000 in April. The subsequent sell-off caused the price to collapse to a low of USD 28,600. Above this mark, the coin established a broad trading range that extended to USD 41,342.
Medium-term buy-signal
The coin has now succeeded in both dissolving the trading range and at the same time breaking the downtrend line from the record high. This bullish signal pushed it to a rally high of $ 48,190. Below this, the listing is now consolidating the latest price surge. We ultimately expect the upward trend to continue towards the target region at 56,600 points. Intermediate stages can be identified at USD 51,600 and USD 53,500. A procyclical follow-up buy signal would arise with the breakout of the current consolidation above 48,190 USD.
Setback ahead?
In view of the short-term overbought market situation, a clearer pullback in the direction of USD 43,800 and USD 40,900-42,600 appears possible. Only below the last-mentioned zone would the situation deteriorate with an immediate downside risk in the direction of USD 37,300.
Note:
Despite careful analysis, Global Investa accepts no liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.