Bearish Scenario:
If Bitcoin continues to face rejection at the channel resistance, we could see the price retrace toward the channel’s midpoint around $62,000 to $60,000. A break below this level could open up the path toward the lower boundary around $56,000 to $55,000.
Bullish Scenario:
On the flip side, if Bitcoin can reclaim its position above the channel’s upper boundary with strong volume and bullish momentum, it could signify a breakout, leading to a move toward $68,000 to $70,000 and potentially beyond.
Neutral Scenario:
Given that Bitcoin is trading near the middle of the RSI and the MACD is showing mixed signals, it’s possible that the price may consolidate within a range between $62,000 and $66,000 before making a decisive move based on upcoming events (such as Election Day).
Conclusion:
Bitcoin is at a critical point within its descending channel, and the next few days could dictate whether the price sees a bullish breakout or a bearish continuation. The immediate resistance lies at the upper boundary, while key support levels to watch are $62,000 and $60,000. The RSI and other indicators are pointing towards a neutral to bearish bias unless a clear breakout occurs.
If Bitcoin continues to face rejection at the channel resistance, we could see the price retrace toward the channel’s midpoint around $62,000 to $60,000. A break below this level could open up the path toward the lower boundary around $56,000 to $55,000.
Bullish Scenario:
On the flip side, if Bitcoin can reclaim its position above the channel’s upper boundary with strong volume and bullish momentum, it could signify a breakout, leading to a move toward $68,000 to $70,000 and potentially beyond.
Neutral Scenario:
Given that Bitcoin is trading near the middle of the RSI and the MACD is showing mixed signals, it’s possible that the price may consolidate within a range between $62,000 and $66,000 before making a decisive move based on upcoming events (such as Election Day).
Conclusion:
Bitcoin is at a critical point within its descending channel, and the next few days could dictate whether the price sees a bullish breakout or a bearish continuation. The immediate resistance lies at the upper boundary, while key support levels to watch are $62,000 and $60,000. The RSI and other indicators are pointing towards a neutral to bearish bias unless a clear breakout occurs.
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.