Bullish Scenario: If Bitcoin manages to break above the key resistance zone of $74,000-$75,000, it could confirm a continuation of the uptrend, targeting the upper boundary of the channel around $78,000-$80,000. Strong bullish momentum would need to be sustained, with RSI and MACD confirming the move.
Pullback and Consolidation: Given the overbought conditions on the RSI and Stochastic RSI, there is a likelihood of a short-term pullback towards the $70,000-$71,000 zone or even down to $66,000. If this occurs, maintaining the lower boundary of the ascending channel will be key for sustaining the bullish outlook.
Bearish Reversal: A failure to hold the support levels, accompanied by bearish divergences in momentum indicators, could indicate a potential bearish reversal. In this case, the price could retest key lower supports near $64,000 or even the 200 SMA.
Short-Term Strategy: Monitor the resistance zone of $74,000-$75,000 closely for signs of a breakout or rejection. If Bitcoin breaks this resistance with volume and strong bullish confirmation, it could be an opportunity to go long.
Caution on Overbought Levels: Watch for potential consolidation or minor pullbacks to key support zones, given the overbought readings on RSI and Stochastic RSI.
Election Day Impact: Be prepared for increased volatility leading up to and after Election Day, as this could lead to sharp moves in either direction.
Pullback and Consolidation: Given the overbought conditions on the RSI and Stochastic RSI, there is a likelihood of a short-term pullback towards the $70,000-$71,000 zone or even down to $66,000. If this occurs, maintaining the lower boundary of the ascending channel will be key for sustaining the bullish outlook.
Bearish Reversal: A failure to hold the support levels, accompanied by bearish divergences in momentum indicators, could indicate a potential bearish reversal. In this case, the price could retest key lower supports near $64,000 or even the 200 SMA.
Short-Term Strategy: Monitor the resistance zone of $74,000-$75,000 closely for signs of a breakout or rejection. If Bitcoin breaks this resistance with volume and strong bullish confirmation, it could be an opportunity to go long.
Caution on Overbought Levels: Watch for potential consolidation or minor pullbacks to key support zones, given the overbought readings on RSI and Stochastic RSI.
Election Day Impact: Be prepared for increased volatility leading up to and after Election Day, as this could lead to sharp moves in either direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.