Technical Analysis of Bitcoin (BTC) – A Look at the Upcoming Period
Bitcoin has seen relative stability in recent days, after notable fluctuations in the past weeks. Here’s a quick technical overview of the upcoming movement:
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: Located in the $66,000 – $67,500 range, which has formed a ceiling for price movement during recent upward attempts.
2. General Trend:
The general trend remains bullish in the medium term, especially with the price maintaining trading above the 100-day moving average. However, there is some slowdown in upward momentum in the short term, which could signal profit-taking or a temporary technical correction.
3. Technical Indicators:
The Relative Strength Index (RSI) is currently trading in the neutral zone, reflecting an absence of clear overbought or oversold conditions.
The MACD shows mixed signals, but the upward peaks are still in place, supporting the scenario of continued upward trend unless the mentioned support is broken.
4. Expected Scenarios:
If the $67,500 resistance is firmly broken, we may witness an upward movement towards $72,000 and then $75,000 in the medium term.
If the $60,000 support is broken, prices may head towards testing the $56,500 – $58,000 areas as secondary support.
