- Bullish Bias: The overall trend remains bullish, with price action inside the ascending channel, above both the 50-day and 200-day SMAs, and positive MACD momentum.
- Caution for Potential Retracement: The Stochastic RSI's overbought condition and resistance near $74,000-$77,000 suggest that a pullback could occur. A retracement towards $64,000-$65,000 would be a healthy consolidation level and could present a buying opportunity if the trend remains intact.
- Breakout Confirmation: For continued bullish momentum, Bitcoin needs a decisive break above $77,000 with strong volume. This would likely confirm the bullish continuation toward higher targets, possibly above $80,000.
- Watch for Election Day Volatility: The approaching Election Day could lead to increased market fluctuations, so it's crucial to monitor support and resistance levels closely.
This analysis indicates a cautiously optimistic outlook for Bitcoin, with a bullish bias, but readiness for a potential retracement or consolidation phase in the short term.
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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.