Bullish Scenario:
- If Bitcoin breaks above $68,646–$69,410, it could confirm a breakout of the descending channel, leading to a potential rally toward $72,000 and possibly higher.
- A strong daily close above this channel would confirm bullish momentum and likely attract more buying interest.
Bearish Scenario:
- If Bitcoin gets rejected at the current resistance, it could lead to a retracement back toward $64,000 or even $60,000.
- The lower boundary of the channel around $56,000 would be the next key support if selling pressure increases.
Bitcoin is at a pivotal point, testing the upper boundary of the descending channel. A breakout above $68,646–$69,410 would signal a potential bullish move, while a rejection could lead to a pullback toward $64,000 or lower.
The election event may act as a key catalyst for a larger move in either direction, so it’s important to watch for a breakout or rejection around these critical levels.
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.