BTC/USD - Bitcoin re-testing $62k support before pump!
Bitcoin is currently consolidating just about the breakout from this large blue ascending triangle. Once we cleared it we returned to re-test the previous resistance as support (at 62k).
This is good on medium term and once we are confident this support holds, BTC should push higher. This is also a great entry if you are looking to ride BTC towards 70k. I do not think we will get many opportunities to buy under 62k unless we get a more significant correction.
Thus, this is when you should load on BTC if you are bullish, which you should be considering the price action and indicators on daily and above.
The risk/reward here is also good as you can simply have a tight stop loss under 61.5k.
Bias remain bullish and I expect continuation. If we break our current support we will have to re-assess again. Otherwise price should go higher.
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This is good on medium term and once we are confident this support holds, BTC should push higher. This is also a great entry if you are looking to ride BTC towards 70k. I do not think we will get many opportunities to buy under 62k unless we get a more significant correction.
Thus, this is when you should load on BTC if you are bullish, which you should be considering the price action and indicators on daily and above.
The risk/reward here is also good as you can simply have a tight stop loss under 61.5k.
Bias remain bullish and I expect continuation. If we break our current support we will have to re-assess again. Otherwise price should go higher.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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