Bitcoin on Brink of Breakout: Bulls Eye $68,700 as Support Holds
Bitcoin (BTC) is currently finding support at $64,500 on the 4-hour time frame. The price is facing resistance at $66,100, and a breakout above this level could lead to a further rise towards $67,400.
If the market shows strength, this breakout could reach a target price of $68,700. Bitcoin's recent price action suggests a potential bullish continuation and a break above $66,300 would be a positive sign for the bulls.
However, it is important to note that the cryptocurrency market remains volatile, and unexpected events could cause the price to reverse course. Traders should carefully manage their risk and consider using stop-loss orders to protect their capital.
If the market shows strength, this breakout could reach a target price of $68,700. Bitcoin's recent price action suggests a potential bullish continuation and a break above $66,300 would be a positive sign for the bulls.
However, it is important to note that the cryptocurrency market remains volatile, and unexpected events could cause the price to reverse course. Traders should carefully manage their risk and consider using stop-loss orders to protect their capital.
Comment:
Bitcoin found support at $64,500 and $65,165, holding strong and aiming for a bounce towards $67,600
Comment:
Great! Bitcoin bounces back from the support $64,500, and heading to $68,200
Comment:
Finally, Bitcoin reached my predicate price of $68,700
Comment:
Target reached - the support level at $66,400 on the 4-hour time frame (4h TF) proves to be strong and hold, Bitcoin is expected to rebound from this point, potentially initiating an upward trend in price. or pullback again to support area of $64,500
Comment:
Bitcoin is currently holding steady around its support level, likely due to the lower trading volume that typically occurs over weekends. The coming week will be critical for the cryptocurrency market, as Bitcoin needs to surpass the $68,700 resistance level to climb towards the $70,000 mark.
Here's a breakdown of the potential scenarios:
- Upward Trend: If the overall cryptocurrency market strengthens, Bitcoin could see a rise in price, potentially reaching $70,000 - $71,000 by next week.
- Downturn: If the market experiences a sell-off, Bitcoin could pull back to its daily support level around $64,500 or even lower.
It's always wise to do your own research and analysis before making any investment decisions.
Here's a breakdown of the potential scenarios:
- Upward Trend: If the overall cryptocurrency market strengthens, Bitcoin could see a rise in price, potentially reaching $70,000 - $71,000 by next week.
- Downturn: If the market experiences a sell-off, Bitcoin could pull back to its daily support level around $64,500 or even lower.
It's always wise to do your own research and analysis before making any investment decisions.
Trade active:
Bitcoin breakout from $68,700 resistance mark, climbing towards $70,000