Potential Scenarios:
Bullish Continuation: If the price successfully retests the $64,000-$65,000 level and holds, there could be a strong continuation to the upside. In this case, the price could target $69,000-$70,000 initially, with a longer-term target of $75,000.
False Breakout and Consolidation: If the price fails to hold the $64,000-$65,000 level, we might see a false breakout scenario, leading to a consolidation back within the old descending channel. This could open the door for a retest of lower supports around $58,000 or even lower.
Bearish Reversal: The newly established rising channel could also act as a bear trap if Bitcoin fails to break the $69,000 resistance. In this case, a break below the rising channel support would indicate a potential reversal back into the descending trend.
Final Summary:
Overall this leans towards a bullish breakout, but it’s essential to keep an eye on the potential retest at $64,000-$65,000. A solid bounce off this support would reinforce the bullish trend, while a break below could suggest caution.
Watch the RSI and MACD for any emerging divergences or momentum shifts that might indicate a change in trend.
Stay aware of the market’s behavior as we approach Election Day, as geopolitical or macroeconomic events could significantly impact market sentiment.
Bullish Continuation: If the price successfully retests the $64,000-$65,000 level and holds, there could be a strong continuation to the upside. In this case, the price could target $69,000-$70,000 initially, with a longer-term target of $75,000.
False Breakout and Consolidation: If the price fails to hold the $64,000-$65,000 level, we might see a false breakout scenario, leading to a consolidation back within the old descending channel. This could open the door for a retest of lower supports around $58,000 or even lower.
Bearish Reversal: The newly established rising channel could also act as a bear trap if Bitcoin fails to break the $69,000 resistance. In this case, a break below the rising channel support would indicate a potential reversal back into the descending trend.
Final Summary:
Overall this leans towards a bullish breakout, but it’s essential to keep an eye on the potential retest at $64,000-$65,000. A solid bounce off this support would reinforce the bullish trend, while a break below could suggest caution.
Watch the RSI and MACD for any emerging divergences or momentum shifts that might indicate a change in trend.
Stay aware of the market’s behavior as we approach Election Day, as geopolitical or macroeconomic events could significantly impact market sentiment.
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.