Hello everyone, we start a new day with new opportunities. Today, let's analyze and devise a strategy for BTCUSD, the market leading cryptocurrency.
BTCUSD continues to maintain in its strong bullish channel. Despite some headwinds in maintaining its upward momentum after hitting a new high at $71,750, it is currently at $69,538, up a slight 0.17% on the day.
In the short term, it is likely that BTCUSD will correct, finding support at $67,700 to be able to accumulate strength for the next bull run.
A noteworthy point is that the main price uptrend has not been broken yet. This brings hope for a fresh price jump after the correction, with a target at $73.855 in the medium term, based on a retest of the 34 and 89 EMA.
How about you? What are your thoughts on the next developments of BTCUSD? Please share your views and comments so we can explore more about BTCUSD together!
Trade active
⋅
Trade active
⋅
Prices did not adjust but remained at a continued high level
Agree. Movement in the ascending channel formation, it possible to continue higher.
ICmarkets
⋅
Bullish channel seems strong with at least 4 touches. It's nice to see the buy zone line up with the lower channel and the moving averages. Would be interesting to see how well price responds to the moving average though. I do notice that a 50% Fibonacci retracement might line up with the buy zone too.