Technical Analysis of Bitcoin (BTC) – A Look at the Upcoming Period
Bitcoin has witnessed relative stability in recent days, following notable fluctuations in the past weeks. Here’s a quick technical overview of the upcoming movement predictions:
1. Support and Resistance:
Main Support: Currently located near the $60,000 level, which is an important psychological and technical level, representing a pivot point for Bitcoin's price since the beginning of the year.
Nearest Resistance: Found in the $66,000 – $67,500 area, which has formed a ceiling for price movement during recent upward attempts.
2. Overall Trend:
The overall trend remains bullish in the medium term, especially as the price maintains trading above the 100-day moving average. However, there is some slowdown in upward momentum in the short term, which may signal profit-taking or a temporary technical correction.
3. Technical Indicators:
The Relative Strength Index (RSI) is currently trading in the neutral zone, reflecting a lack of clear overbought or oversold conditions.
The MACD shows mixed signals, but the upward peaks remain, supporting the scenario of continued bullish trend unless the aforementioned support is broken.
4. Expected Scenarios:
If the $67,500 resistance is broken with stability, we may witness an upward movement towards $72,000 and then $75,000 in the medium term.
However, if the $60,000 support is broken, prices may head to test the $56,500 – $58,000 areas as secondary support.
