BitcoinLong
Bitcoin Eyes $70k Breakout This Week!
Current Price at $68,217: Bitcoin trades above the $68,000 support level, suggesting sustained buying interest as it attempts to consolidate recent gains.
Resistance at $70,000: BTC faces a crucial psychological resistance at $70,000. A breakout above this level could signify bullish momentum, targeting higher levels.
Support at 61.80% Fibonacci ($66,167): The recent pullback found support at the 61.80% Fibonacci level, around $66,167, a level likely to act as a buffer in case of a downturn.
Double Bottom Reversal: On the 4-hour chart, a double-bottom pattern hints at a bullish reversal, with the neckline positioned around $68,200, indicating a potential breakout point.
78.60% Fibonacci Resistance ($69,000): The recovery rally is targeting the 78.60% Fibonacci level around $69,000. Breaking this level could confirm a continuation of the uptrend.
RSI Divergence on 4-Hour Chart: The RSI shows divergence, supporting the double-bottom pattern and hinting at a continuation of the bullish reversal if the RSI strengthens further.
Short-Term Target at 23.60% Fibonacci ($68,359): BTC needs to surpass the 23.60% Fibonacci level at $68,359 on the 4-hour chart to gain short-term bullish momentum, which may lead to a retest of $70,000.
Institutional Inflows in Bitcoin ETFs: Bitcoin ETFs have seen a ~$3.5 billion net inflow over three weeks, signaling strong institutional support, likely to bolster BTC’s price stability and potential uptrend.
Retest of Resistance Trendline Breakout: The recent pullback acts as a retest of the resistance trendline breakout, suggesting that BTC could maintain its upward trajectory as long as it holds above this level.
Trend-Based Fibonacci Target at $70,817: A breakout above $70,000 could push BTC towards the trend-based Fibonacci target at $70,817, reinforcing the strength of the bullish trend.
Next Fibonacci Targets at $73,500 and $75,500: Short-term bullish targets lie at the 78.60% ($73,500) and 100% Fibonacci levels ($75,500), setting potential ceilings for the rally.
Resistance at $70,000: BTC faces a crucial psychological resistance at $70,000. A breakout above this level could signify bullish momentum, targeting higher levels.
Support at 61.80% Fibonacci ($66,167): The recent pullback found support at the 61.80% Fibonacci level, around $66,167, a level likely to act as a buffer in case of a downturn.
Double Bottom Reversal: On the 4-hour chart, a double-bottom pattern hints at a bullish reversal, with the neckline positioned around $68,200, indicating a potential breakout point.
78.60% Fibonacci Resistance ($69,000): The recovery rally is targeting the 78.60% Fibonacci level around $69,000. Breaking this level could confirm a continuation of the uptrend.
RSI Divergence on 4-Hour Chart: The RSI shows divergence, supporting the double-bottom pattern and hinting at a continuation of the bullish reversal if the RSI strengthens further.
Short-Term Target at 23.60% Fibonacci ($68,359): BTC needs to surpass the 23.60% Fibonacci level at $68,359 on the 4-hour chart to gain short-term bullish momentum, which may lead to a retest of $70,000.
Institutional Inflows in Bitcoin ETFs: Bitcoin ETFs have seen a ~$3.5 billion net inflow over three weeks, signaling strong institutional support, likely to bolster BTC’s price stability and potential uptrend.
Retest of Resistance Trendline Breakout: The recent pullback acts as a retest of the resistance trendline breakout, suggesting that BTC could maintain its upward trajectory as long as it holds above this level.
Trend-Based Fibonacci Target at $70,817: A breakout above $70,000 could push BTC towards the trend-based Fibonacci target at $70,817, reinforcing the strength of the bullish trend.
Next Fibonacci Targets at $73,500 and $75,500: Short-term bullish targets lie at the 78.60% ($73,500) and 100% Fibonacci levels ($75,500), setting potential ceilings for the rally.
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.