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09/07/24
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Technical Outlook on the Performance of Bitcoin (BTC)
The chart of BTC/USD shows that there was an attempt by the bulls to initiate a recovery move above $56.5k. They pushed BTC past $57.5k but it was impossible to take it higher past the $58.2k area.
BTC was able to reach levels as high as $58,129 prior to the bulls initiating a new move to the downside. BTC fell beneath two support levels, including $57k and $55.5k. They pulled BTC to levels as low as close to $54,954 prior to initiating the current consolidation of losses. The bulls pushed BTC somewhat to the upside, past the 50% Fibonacci correction level of the fall from $58,129 swing high to $54,954 low.
A look at its 1-hour chart shows that its performance remains at levels beneath $57.5k, as well as beneath the 100 hourly SMA. The next barrier level on the way upwards is close to $57,250 level or the 76.4% Fibonacci correction level of the fall from $58,129 swing high to $54,954 low.
The initial major barrier level is close to $57,650. The same chart shows the formation of a connecting declining trend line with a barrier level at $57,650. The ability of the bulls to push BTC clearly past the trend line may bring about a move towards $58.2k.
The immediate major barrier level may be encountered at $58.5k. If BTC closes past the barrier level at $58.5k, the bulls may be able to initiate a steady upside move and prompt more upswings. In this situation, BTC may rise and visit the barrier level at $60k.
On the other hand, the failure of the bulls to push BTC past the barrier area at $57,650 may empower the bears to initiate a new downside move. The next support level on the way downward is close to $56k.
The initial key support level is located at $55.5k, while the immediate support level is currently close to $54.5k. If there are any additional losses, the bears may be able to pave the way for a move towards the support area at $54.2k over the coming few sessions.
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