Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Technical Outlook on the Performance of Bitcoin (BTC)

image
icon 28/06/24
icon 132

Technical Outlook on the Performance of Bitcoin (BTC)

A look at the chart of BTC/USD shows that it was difficult for the bulls to bring about a push past the barrier area at $62.4k. The bears swung into action and pulled it beneath $62k, but the bulls successfully protected the support level at $60,550. BTC was able to reach levels as high as $62,297 prior to initiating the current consolidation.

A look at its 1-hour chart shows that it broke past a key declining trend line with a barrier level at $61,250 recently. Its current performance is at levels above the 50% Fibonacci correction level of the upswing from $60,580 swing low to $62,297 high.

Likewise, the same chart shows that it is currently trading at levels above $61.5k, as well as above the 100 SMA. The ability of the bulls to initiate a new upside move may lead to barrier level close to $62,250. The initial major barrier level is close to $62.4k.

The immediate major barrier level may be encountered at $62.5k. The ability of the bulls to push BTC clearly past the barrier level at $62.5k may initiate a steady upside move and push BTC higher.

In such a situation, BTC may be pushed higher for a visit to the barrier level at $63.5k. If there are any additional gains, they may be able to pave the way for a move to the barrier level at $64.4k over the coming few sessions.

On the other hand, the failure of the bulls to push BTC clearly past the barrier area at $62.4k may empower the bears to initiate a new downside move. The next support level on the way downward is close to $61,450, as well as near the 100 hourly SMA.

The initial key support level exists at $61,150 as well as at the 61.8% Fibonacci correction level of the upswing from $60,580 swing low to $62,297 high. The same chart shows the formation of the immediate support level close to $60,550. If there are any additional losses, the bears may be able to pull BTC towards the support area at $58.5k over the coming few sessions.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 279
May 15, 2024
icon 279
prev next
This site is registered on wpml.org as a development site.