BTC at $63.6k: what to expect

█ Summary
Price at time of post:63.6k.
Ticker:

Overall, the chart suggests Bitcoin is in a consolidation phase after a major rally, with a breakout or breakdown likely in the near future. Keep an eye on the key levels in this post for confirmation on the coming moves.

Bullish Scenario: If the price breaks and holds above the $67,000 resistance, look for continuation upward, possibly retesting 70k+
Bearish Scenario: Failure to break the $67,000 resistance level, + with a potential overbought RSI, could trigger a pullback towards 53k-

Price Action
Current Price Levels: Bitcoin is currently priced at $63,587 as of September 25, 2024, down slightly by -1.10%.

Support and Resistance Levels:
Supports:

$25,629.40
$31,300.66
$44,208.58
$53,018.73

Resistances:

The immediate resistance level is around $67,555.32. Price has struggled to break through this level on several occasions in recent months.
The chart shows Bitcoin has consolidated below this level after the large upward movement, indicating that $67,555.32 acts as a significant resistance level.

█ Observations:

Resistance at $67,555.32: This is a strong level that Bitcoin has been unable to break decisively. A successful break above this level could open the door for a retest of the all-time highs near $70,000.
Support at $53,018.73: This would be the key level to watch if there is a breakdown in the current consolidation. Below this level, there is further support at $44,208.58.
RSI Signals: The RSI being in the 60-70 range indicates bullish momentum, but a value near 70 typically suggests the market could be approaching overbought conditions. A breakout above $67,555 might lead to overbought conditions, while a failure could result in a correction.

kingthies

Eric Thies

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