As of now, Bitcoin is trading at $62,726.37, showing a +3.13% increase in the last 24 hours. The market has been showing signs of consolidation with key support and resistance levels forming. Let's dive into the key technicals:
24H Price Range:
High: $63,417.56
Low: $60,819.90
Key Indicators:
1. SAR (Stop and Reverse): Currently at $62,264.59, indicating a bullish momentum as the price remains above the SAR line.
2. MACD: Bullish cross, with the MACD line above the signal line, indicating further upward movement.
3. RSI (Relative Strength Index): RSI hovering around 70, close to overbought territory. A pullback could occur, but the overall trend is still bullish.
🎯 Target 1 - Short-term Resistance: $63,500
With the 24-hour high at $63,417.56, a breakout above this level would confirm bullish strength. Traders should watch for resistance around $63,500, which could spark profit-taking but may also lead to further gains if momentum continues.
🎯 Target 2 - Mid-term Resistance: $65,000
If Bitcoin can sustain a breakout above $63,500, the next major target would be $65,000, a psychological resistance level. This could attract significant buying interest, but traders should monitor volume and potential market reversals at this zone.
🎯 Target 3 - Long-term Resistance: $70,000
Should the bullish momentum persist beyond $65,000, the next strategic target would be $70,000. Historically, round numbers like this often act as key resistance levels. Reaching this level would signal strong investor confidence and a continuation of the uptrend.
📊 Strategy Overview:
Short-term traders may look to capitalize on a breakout above $63,500, with tight stop-loss orders to manage risk.
Mid to long-term traders should eye the $65,000 and $70,000 levels, waiting for confirmed breakouts with increased volume before making any significant moves.
Stay tuned for more market updates, and remember to trade responsibly! 📈
#moonbix #10MTradersLeague #USPPIAboveExpectations #BinanceLaunchpoolSCR #FanTokensRising
