BTC/USD Approaches Key Resistance, Eyeing New ATH
Updated
The BTC/USD chart shows a strong upward trend, approaching a significant resistance zone. Key levels to note include:
1. Resistance Zone (Green Area): Around 73,814, BTC is nearing a strong resistance area. Breaking above this could lead to a new all-time high (ATH) with potential targets of 90,000 and 100,000 USD per BTC. This suggests strong upward momentum if the breakout holds.
2. Pivot Line and ATH Line: The price has broken through a pivot level and is moving towards the ATH, indicating bullish momentum. The area around 71,400 serves as a pivot, potentially acting as support in the event of a pullback.
3. Support Levels:
1. Resistance Zone (Green Area): Around 73,814, BTC is nearing a strong resistance area. Breaking above this could lead to a new all-time high (ATH) with potential targets of 90,000 and 100,000 USD per BTC. This suggests strong upward momentum if the breakout holds.
2. Pivot Line and ATH Line: The price has broken through a pivot level and is moving towards the ATH, indicating bullish momentum. The area around 71,400 serves as a pivot, potentially acting as support in the event of a pullback.
3. Support Levels:
- Primary Support: At around 64,905, this level may act as the first support if a retracement occurs.
- Demand Zone: Around 56,888, indicating strong buying interest.
4. Projected Path: The drawn projection shows a potential consolidation above the pivot level before making another attempt to break the resistance zone. This path aligns with the anticipation of a breakout if buying pressure sustains.
In summary, BTC/USD is testing a key resistance level, with bullish potential for higher targets if it breaks above the zone. The pivot and support lines should be monitored closely for any reversal or retracement.
Key Levels:
Pivot Zone: 71400
Resistance Lines: 73810, 76370, 85000
Support Lines: 70000, 68000, 64900
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