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11/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bulls made another attempt to bring about a push past the barrier area at $69.5k. There was a break past the barrier area at $70k but they could not push BTC further to the upside. BTC was able to reach levels as high as $70,142 prior to the bears initiating a new downside move.
The bears pulled BTC beneath two support levels, including $69.5k and $68.5k. BTC reached levels as low as $67,920 prior to initiating the current consolidation of losses close to the 23.6% Fibonacci correction level of the fall from $70,142 swing high to $67,920 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $69.5k, as well as below the 100 SMA. BTC is encountering a barrier level close to $68.8k on the way upwards. The initial key barrier level may be encountered at $69k, as well as at the 50% Fibonacci correction level of the fall from $70,142 swing high to $67,920 low.
The immediate key barrier level may be encountered at $69.5k. The same chart shows the formation of a key declining trend line with a barrier level at $69.5k. The ability of the bulls to push BTC clearly past the barrier level at $69.5k may bring about more upside moves.
In such a situation, they may push BTC higher for a visit to the barrier level at $70k. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier level at $71.2k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $69.5k may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $68k.
The initial key support level exists at $67,650, while the immediate support level is being formed close to $67.5k. If there are any additional losses, the bears may be able to pave the way for a move to the support area at $66.4k over the coming few sessions.
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