Bitcoin Price Prediction
(07-06-2024)
Bitcoin is currently trading at $71,166, having recently violated an asymmetric triangle pattern that previously provided resistance around the $69,600 level. The pivot point is at $70,436, which is a critical level for determining the market direction.
Bitcoin faces immediate resistance at $71,778. If the price can sustain above this level, the next resistance targets are at $73,424 and $74,982, suggesting potential upward momentum.
On the support side, the immediate support level is $69,652. Further support is found at $68,540 and $67,570, which could act as safety nets if the price experiences a dip.
Technical indicators support a bullish outlook. The RSI is at 65, indicating a moderately overbought condition. Meanwhile, the 50 EMA at $69,623 aligns closely with the current price action above the pivot point, reinforcing its significance.
Recently, Bitcoin failed to break through the resistance at $71,778, leading to a bearish correction that tested the psychological support level at $70,000. Both the 50 EMA and RSI suggest the potential for continued bullish momentum.
Conclusion: Given this technical setup, today’s strategy is to monitor the $70,500 level as closing of candles above this level is keeping Bitcoin price prediction bullish. A move above this level could confirm a continuation of the uptrend. Buy above $70,500 with a focus on bullish targets.
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