Based on the 1-hour timeframe Bitcoin chart you uploaded, the price is currently around $63,719.99 and approaching a key zone. The analysis shows several support and resistance areas that could influence the price movement.
TradeWithMky 100% winrate Live in Trading View ! Key Zones: Resistance Area (Red Box at $64,000 - $65,000):
This zone acts as a daily resistance. If the price fails to break above this level, we could expect a price decline. This area serves as a ceiling where more sellers might enter the market. Support Areas (Green Boxes):
Around $62,000: This is a strong support level, which may act as a rebound point if the price drops. Around $61,000: If the price continues falling, this could be another significant support area. Around $59,000: This is the strongest support level on the chart. If the higher supports break, this zone will be critical for a potential reversal or consolidation. Two Possible Scenarios: Bullish Scenario:
If the price breaks above the $64,000 - $65,000 resistance zone, we could see further upside momentum, potentially targeting $66,000 or higher. Bearish Scenario:
If the price fails to break the resistance and reverses downward, the next downside targets are around $62,000, then $61,000, and potentially down to $59,000 if the decline continues. Conclusion: At the moment, if the price struggles to break this resistance zone, a short trade could be logical, especially if weakness near resistance is confirmed. For a long trade, it’s best to wait until the price breaks through the $65,000 resistance level with strong volume. Suggestion: For a short position, observe the price action around the resistance zone. If the price fails to break higher and shows signs of weakening, this could be a good entry point for a short trade.
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.