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20/06/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that the bears were able to pull it further to the downside, prompting a move beneath $65k, as well as a visit to the $64k area. BTC reached levels as low as $64,050 prior to initiating the current correction of losses.
The bulls pushed BTC somewhat past $64.5k. There was a move past the 23.6% Fibonacci correction level of the latest downside move from $67,255 swing high to $64,050 low. The bears are still doing their best close to the $65.5k area.
A look at its 1-hour chart shows that its current performance is at levels beneath $65.5k, as well as below the 100 SMA. The same chart shows the formation of a short-term contracting triangle with barrier level at $65.4k.
BTC is encountering a barrier level close to $65.4k and near the triangle trend line on the way upward. The initial key barrier level may be encountered at $65,650 or the 50% Fibonacci correction level of the latest downside move from $67,255 swing high to $64,050 low. The immediate major barrier level may be encountered at $66k.
The ability of the bulls to push BTC clearly past the barrier level at $66k may bring about a steady upside move and more upswings. In such a situation, BTC may be able to visit the barrier level at $66,550. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier level at $67.5k over the coming few sessions.
On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $65,650 may empower the bears to initiate a new downside move. The next support level on the way downward is close to $64,850.
The initial key support level exists at $64.4k. The same chart shows the formation of the immediate support level close to $64k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $63.2k over the coming few sessions.
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