BTCUSD BITCOIN forcast for the following week
BTCUSDT AnalysisTrend Overview
Bitcoin remains in an uptrend on both the 4-hour and daily charts, sustaining higher lows and strong bullish momentum.
Key Support and Resistance Levels
Support: Immediate support lies around $66,000, with further support at $65,200 if a pullback occurs.
Resistance: Immediate resistance is seen at $68,500, with the next target near $69,000 if bullish momentum continues.
Indicators Overview
Moving Averages: BTC trades above both its 50-period (short-term) and 200-period (long-term) moving averages, reinforcing the bullish trend.
RSI: The RSI is nearing overbought levels, suggesting strong buying interest but also signaling caution for a potential pullback.
Price Action
Bitcoin’s price action on the 4-hour chart shows a series of higher highs and higher lows within an ascending channel, supporting a bullish outlook.
Potential Scenarios
Upside Continuation: A break above $69,400 could see BTC rally toward $71,000.
Downside Risk: A close below $65,000 may signal a temporary pullback to $61,000 /62,000 support.
Please be aware the US election results will massively affect the assets price upward in case Donald Trump won and will have a neutral effect in case the opposite happens
Conclusion
The short-term bias for Bitcoin remains bullish while above $66,000, with potential for continued gains if resistance levels are breached.
Disclaimer
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