Bitcoin Price Analysis: Explosive Move Ahead!?
Weekly Chart:
Yesterday, the weekly candle closed red, but indecisive, right on top of the support at $61,263, which is also the mid of the weekly range zone.
The wide weekly range zone between $54,758 and $67,769, highlighted to CRYPTOLEAN community a few months ago, is characterised by a slow and choppy price action and I have consistency said that a dip to below $67,769 will lead to a boring range-bound move.
This week should lead the bias from its current price location and Bitcoin can move in either direction from here.
Based on the technical closure of the last week candle that made a higher high and has to confirm higher low, Bitcoin is able push back toward the key resistance at $67,769, where the price action will be very important.
Daily Chart:
Bitcoin is trying to reclaim the key daily zone around $61,671.
A bullish candle closure above $61,671 or, even better, above the top of the zone around $61,671 (grey box) will confirm the lower low and push price towards $66,741, the key daily zone.
A price recovery to above $66,741 will push price of BTC towards $69,466 and higher to $72,715.
Below $61,671 zone, Bitcoin is bearish and sustained price action below this level results in a downward move towards $55,697.
Intraday Chart:
The intraday chart is moving agressively bullish and has already tested the key resistance zone around $63,349.
A bullish break-out of $63,349 or a re-test of $62,358 followed by a bullish rejection will lead to price moving towards $65,684.
A bearish break-out below $61,368 results in a dip towards $60,302 and lower to $59,031 zone, where the price action will be very important.
Yesterday, the weekly candle closed red, but indecisive, right on top of the support at $61,263, which is also the mid of the weekly range zone.
The wide weekly range zone between $54,758 and $67,769, highlighted to CRYPTOLEAN community a few months ago, is characterised by a slow and choppy price action and I have consistency said that a dip to below $67,769 will lead to a boring range-bound move.
This week should lead the bias from its current price location and Bitcoin can move in either direction from here.
Based on the technical closure of the last week candle that made a higher high and has to confirm higher low, Bitcoin is able push back toward the key resistance at $67,769, where the price action will be very important.
Daily Chart:
Bitcoin is trying to reclaim the key daily zone around $61,671.
A bullish candle closure above $61,671 or, even better, above the top of the zone around $61,671 (grey box) will confirm the lower low and push price towards $66,741, the key daily zone.
A price recovery to above $66,741 will push price of BTC towards $69,466 and higher to $72,715.
Below $61,671 zone, Bitcoin is bearish and sustained price action below this level results in a downward move towards $55,697.
Intraday Chart:
The intraday chart is moving agressively bullish and has already tested the key resistance zone around $63,349.
A bullish break-out of $63,349 or a re-test of $62,358 followed by a bullish rejection will lead to price moving towards $65,684.
A bearish break-out below $61,368 results in a dip towards $60,302 and lower to $59,031 zone, where the price action will be very important.
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Avoid Complexities and Boost Your Trading Performance!
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