After Bitcoin reached critical resistance levels, there are strong indicators alerting traders to a possible violent correction in the coming days. The current momentum may appear bullish, but signs of market oversaturation and increasing pressure at the $71,000 levels may push the price towards a sudden decline.
⚠️ Important Alert: If the price fails to break the strong resistance, we may see a quick rebound to $62,500 levels or even lower! Be prepared for high volatility and adjust your trading strategies carefully to avoid losses.
1. Monthly chart (1M)
Current price: $68,700.
Technical indicators:
MACD is showing positive signals with the fast line crossing above the slow line, indicating a potential bullish momentum.
Resistance Levels: Resistance at $70,710 and $67,434 could be important targets. If the price manages to break these levels, we could see a continued upside move.
Other Targets: We noticed that the first target (Target 1) was achieved by 50%. This indicates that the price may continue to rise towards higher levels, but there is a strong resistance that needs to be broken.
2. Weekly chart (1W):
Current price: $68,698.
Technical indicators:
The MACD on the weekly chart is showing volatile momentum, with some decline in the recent candles.
Resistance and support levels:
Resistance at $71,206 could be an important barrier to continue the upside.
Support at $62,488 provides a pivot point in case of a price correction.
Targets: It is clear that most of the targets (Target 1 and Target 2) have been achieved with a high percentage (80% and 83%). This reflects buying power in the market but with the possibility of profit taking soon.
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Trend analysis based on indicators:
Monthly: The trend is bullish with clear positive momentum, indicating a possible continuation of the rise if major resistances are broken.
Weekly: Despite the upward momentum, there are some signs that a correction or profit-taking may be imminent at current levels.
Conclusion:
The overall trend is bullish, but you should pay attention to the nearby resistance levels on the weekly and monthly charts. If the $71,000 level is successfully surpassed, we may see an additional rise. If a bounce occurs, the price is likely to fall to the support levels at $62,500 before resuming the rise.
Continuous monitoring is recommended, especially through indicators such as MACD, and checking for a breakout of major resistances to get a confirmed signal to continue the upward trend.
