3 minsBITCOIN (BTC/USD)
Last week, I highlighted this area on Bitcoin’s daily timeframe as a key point of interest, where I was curious to see how the price would react upon reaching it. For now, it seems that the price is facing resistance at this level, which is closely linked to the $64,000.00 price point.
If you look closely, you’ll notice that we’ve broken out of this descending trendline. Typically, when the price breaks through resistance like this, it often retraces before moving higher. I’d be interested to see if we push up to around $65,000.00, which would also coincide with an “overbought” signal on the RSI, approaching 70%. For now, the support level seems to be holding, though we could see some short-term pullbacks before the price continues upward.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change...
Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
