Bitcoin Poised for Higher Low as $70K Breakout Nears
Updated
Bitcoin continues to display resilience by retracing less than 50% of the previous bull move, a bullish indicator that the overall market structure remains intact. Notably, the psychological support at $60,000 has held firm, alongside the 26-day Exponential Moving Average (EMA), reinforcing the strength of the trend.
We are currently in a confirmed weekly uptrend, with a significant higher high established after 28 weeks of consolidation. To maintain this bullish momentum, the next critical step is to break above the key weekly resistance level at $66,543. Achieving this would pave the way for another higher low formation, setting the stage for continued upward movement toward the major resistance zone between $70,000 and $73,000.
However, it's important to note that volume remains below the average, which suggests a lack of strong buying pressure. While this is not ideal, time is on the bulls' side, as the broader trend remains intact.
The Choppiness Index indicates that a breakout move is imminent, and the overall technical setup suggests that the market may be preparing for a significant move. With the technical indicators aligned, we could soon see a blue sky breakout if the key levels are breached.
We are currently in a confirmed weekly uptrend, with a significant higher high established after 28 weeks of consolidation. To maintain this bullish momentum, the next critical step is to break above the key weekly resistance level at $66,543. Achieving this would pave the way for another higher low formation, setting the stage for continued upward movement toward the major resistance zone between $70,000 and $73,000.
However, it's important to note that volume remains below the average, which suggests a lack of strong buying pressure. While this is not ideal, time is on the bulls' side, as the broader trend remains intact.
The Choppiness Index indicates that a breakout move is imminent, and the overall technical setup suggests that the market may be preparing for a significant move. With the technical indicators aligned, we could soon see a blue sky breakout if the key levels are breached.
Trade active
Bitcoin has finally reached a clear BLUE SKY BREAKOUT, with the market showing exceptional bullish momentum. As the saying goes, "it works until it doesn’t" so there’s no need to overthink it—this is simply bullish. We remain in long positions until a clear shift in momentum is seen on lower timeframes.
Daily Chart: The first significant support level is around 75.5K, which has recently served as both support and resistance for approximately three days.
4-Hour Chart: The 4-hour timeframe shows substantial volume accompanying the bull move, with no signs of a trend change. Initial support on this TF is at 77K.
Currently, there are no signs of slowing down, the bull momentum remains robust.
TRADES OPEN, EYES OPEN
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.