BTC's upward trendline provides crucial support, keeping momentum intact toward the analyst's $68K target by week's end.
The EMA50 serves as a critical support level, potentially guiding BTC through a retest before reclaiming upward movement to $68K.
Successful trades in $FET and $RENDER support the analyst's confidence in Bitcoin's continued rise toward $68K.
Bitcoin's price action continues to draw attention, with a prominent analyst on X, DrProfitCrypto, predicting a rise to $68,000 by end of the week after accurately forecasting last week’s move to $65,000.
https://twitter.com/DrProfitCrypto/status/1827799691628888517
The analyst’s approach, which has consistently tracked Bitcoin's price since the Monday crash at $50,000, now suggests a path toward the higher target. As BTC remains near key levels, the analyst is monitoring two potential scenarios that could unfold in the coming days.
Key Support and Targets
The current technical analysis of Bitcoin on Binance highlights the importance of an upward trendline that has provided support throughout the recent price movements. This trendline, marked by several key support points, has been tested and held by Bitcoin on multiple occasions.
The recent breakout past previous resistance levels has allowed Bitcoin to reach both Target 1 and Target 2, with the analyst’s focus now shifting to Target 3 at $68,000. Notably, Bitcoin has surpassed these previous targets, further reinforcing the bullish outlook.
Source: DrProfitCrypto on X
The analysis also includes a moving average, specifically the EMA50, which tracks the 50-period price action. This indicator has been respected by the market, with Bitcoin maintaining momentum above it. The upward trajectory has been maintained since the last retest, which the analyst believes will continue as long as Bitcoin holds above the upward trendline and remains above the EMA50.
Potential Paths to $68K
Two possible paths to $68,000 have been outlined. First, Bitcoin could stay above the identified key support, leading to a faster move toward the new target. This scenario depends on the bullish momentum continuing to support the price above the current levels.
However, there is also the possibility of Bitcoin temporarily breaking below the support and retesting the EMA50 before resuming its upward move. This would involve reclaiming the key level and then pushing toward the new target, with the analyst suggesting that long orders should be placed around the EMA50 in anticipation of such a pullback.
Strategic Positioning
The analyst’s confidence in the upward move stems from a series of successful trades, with a particular focus on altcoins like $FET and $RENDER, which have already delivered significant gains. The ongoing strategy, according to the analysis, is to maintain long positions while preparing for potential dips to add further positions.
Bitcoin's path to $68,000 remains closely tied to its ability to stay above key levels. The analyst's outlook remains positive, with the expectation that the next move higher will come soon.
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