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18/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls ensured sustenance within a bullish area above two barrier levels, including $63.5k and $63.8k. There was another attempt by the bulls to push BTC clearly above the barrier area at $66k. However, they could not achieve this and the bears swung into action by initiating a new move to the downside.
The bears pulled BTC beneath two support levels, including $65k and $64.5k. There was a fall beneath the 50% Fibonacci correction level of the upswing from $62,465 swing low to $66.1k high.
BTC secured support close to the $63,850 area, as well as near the 61.8% Fibonacci correction level of the upswing from $62,465 swing low to $66.1k high. A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $64k.
Its current performance is at levels above $64k, as well as above the 100 SMA. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $65k. The initial major barrier level is close to $66k.
The ability of the bulls to push BTC clearly past the barrier level at $66k may bring about a new upswing over the coming several sessions. The immediate major barrier level may be encountered at $66.5k, while the immediate key barrier level is located at $67.2k. If BTC closes past the barrier level at $67.2k, the bulls may be able to initiate more upside moves. In this situation, there could be a rise to visit the barrier level at $68k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $65k may empower the bears to sustain its performance towards the downside. The next support level on the way downward is close to $64k, as well as near the trend line.
The initial key support level exists at $63,850, while the immediate support level is currently close to $63,500. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $62.5k over the coming few sessions.
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