Here's a detailed analysis of the current situation:
The bounce around $67,000 not only filled the CME gap but also acted as a strategic pullback on the Point of Control (POC), strengthening the key support level in this area. This kind of setup often signals a potentially sustained bullish movement, especially as the moving average structure (EMA 20, 50, and 100) remains favorable with an upward trend.
Now, the psychological target of $70,000 appears as the next critical step. The demand levels on the order books show buying pressure that could facilitate a breakout of this resistance. If this level is breached with substantial volume, we could see an acceleration towards even higher highs, specifically around $73,000 or even $75,000, which are significant resistance levels.
Moreover, the RSI index, currently at 56, suggests there is still room for an upward move before reaching overbought territory. This could be a signal for continued bullish momentum. However, monitoring volumes and selling pressure around $70,000 is essential to confirm the strength of the movement.
In summary: the market seems well-positioned for a breakout beyond $70,000, supported by a robust technical structure and strong buying interest. Traders could consider long positions with stops strategically placed below $67,000 to effectively manage risk.
