Critical area for $BTC at the moment. Break above $62,000 f

Bullish

Critical area for $BTC at the moment.
Break above $62,000 for a bullish continuation towards $68,000.
Break below $58,000 for a deeper bearish correction towards $52,000.

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BTC

59,797.99

+2.83%

271

Replies 1

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📈 As per our latest analysis, attached on the chart, BTC has rejected the $50,000 - $52,000 support zone and has been trading higher since then. As long as the bulls remain in control, a continuation towards the $61,000 - $62,000 resistance zone is expected.

📈 BTC has been stuck in a descending channel, ranging between 50k and 70k. As it approaches the 50k zone, we will be looking for medium-term long positions. 🏹 For a long-term trade targeting the 80k resistance, a break above the upper red trendline is required.

$BTC Break above $62,000 for a bullish continuation towards $68,000. Break below the lower trendline for a deeper bearish correction towards $52,000.

🏹 The highlighted blue circle is a strong area to look for buy setups as it is the intersection of the $2500 and lower orange trendline acting as a non-horizontal support. 📚 As per my trading style: As #ETH approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

As long as the bulls hold, a movement towards the $3000 - $3100 resistance zone would be expected. 📉 In parallel, if the last 4H low at $2600 is broken downward, a bearish movement towards the $2100 would be possible where we will be looking for new short-term longs.

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