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17/05/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC against USD shows that the activities of traders led to the formation of a base prior to the bulls initiating a new upside move past $63.5k. The bulls were able overcome the barrier level at $65.5k and then visited the $66.5k area.
BTC was able to reach a fresh weekly high level of $66,565 prior to initiating the current consolidation of gains. The bears then initiated a minor downside move beneath $66k. There was a move beneath the 23.6% Fibonacci correction level of the upswing from $61,073 swing low to $66,565 high.
A look at its 1-hour chart shows that its current performance is at levels above $65k as well as above the 100 hourly SMA. The same chart shows the formation of a major bullish trend line with support at $65,150. The next barrier level on the way upside is close to $65.6k.
The initial key barrier level may be encountered at $66k. The immediate major barrier level may be encountered at $66.5k. The ability of the bulls to push BTC clearly past the barrier level of $66.5k may bring about more upside moves. In such a situation, BTC may be pushed higher and possibly visit the barrier level at $67.2k.
The ability of the bulls to stay active may bring about a move towards the barrier area at $68k. If there are any additional gains, BTC may be able to move towards the barrier area at $70k.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $66k could empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $65,150 as well as near the trend line.
The initial key support level exists at $64.2k. The key support level is being formed close to $63.8k or the 50% Fibonacci correction level of the upswing from $61,073 swing low to $66,565 high. If there are any additional losses, the bears may be able to pull BTC towards the support area at $63,150 over the coming few sessions.
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