Bitcoin, Technical Analysis – H4
Bitcoin is approaching a critical resistance zone at $67,000–68,000. This area will largely determine the medium-term outlook.
Bitcoin is approaching a critical resistance zone at $67,000–68,000. This area will largely determine the medium-term outlook.
The weakness of the bulls continues to be confirmed.
The long-awaited breakout from the triangle has finally occurred. The market has clearly chosen the upside direction.
The pair continues to consolidate above the sloping support but is approaching a critical compression of the trading range near the medium-term trendline.
Bitcoin trades at 65,935 this Tuesday morning, holding onto recent gains as short-term market participants return to profitability alongside a broader resurgence in risk appetite.
Brent Crude trades at 86.71 this Tuesday morning, consolidating near its highest levels since June 11.
Local support for the price appears unstable. The market will likely need to test the demand zone at 2,700–2,720.
The pair technically maintains its uptrend for now (valid as long as the medium-term trendline around 1.3420 remains intact).
The pair’s trading range continues to tighten sharply. There is still enough room left for today’s session.
Bitcoin is currently in a consolidation phase ahead of a likely continuation of the medium-term downtrend.
Despite some optimism for the euro seen last week, the pair remains under persistent downside pressure.
Gold trades at 4,005 this Monday morning, extending its sharpest weekly decline in six weeks.
Brent Crude trades at 88.71 this Monday morning, opening the week with a massive upside gap in the region of 86.80 and sustaining its most explosive weekly rally since April.
The downward correction is targeting the strong support level at 1.3400, which represents a significant confluence zone.
Oil is presumably breaking out of the “bull flag” pattern, which may signal an impending upward impulse.