Bitcoin Struggles with Resistance
Bitcoin failed to continue rising above the resistance area of $63,650. The price is now correcting its gains and might revisit the support at $60,850.
Bitcoin faced difficulty extending gains above the resistance levels of $63,650 and $63,800. A peak was formed at $63,798, and the price started a downward correction.
The price dropped below the $63,000 level. The bears managed to push it below the $62,500 level and the 100-hour simple moving average. There was also a move below the 50% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high.
Bitcoin is now trading below $62,500 and the 100-hour simple moving average. A bearish trend line is forming with resistance at $61,850. The bulls are now trying to protect the $61,400 zone and the 61.8% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high. If there is another increase, the price might face resistance near the $61,850 level and the trend line.
The first major resistance is near the $62,250 level. The next major resistance could be at $62,500. A clear move above the $62,500 resistance might start a steady increase and push the price higher.
In this case, the price could rise and test the $63,250 resistance. Any further gains might drive BTC towards the $63,650 resistance in the near term.
If Bitcoin fails to climb above the $62,250 resistance area, it could continue to decline. Immediate support on the downside is near the $61,400 level. The first major support is at $60,850. The next support is forming near $60,500. Any further losses might push the price towards the $60,000 support area in the near term.
If you are a long-term investor, it might be better to hold onto Bitcoin if you believe in its long-term potential. Short-term fluctuations can be part of the journey towards larger gains in the future.
If you are a short-term investor, you might consider partial or full selling if Bitcoin breaks below major support levels (such as $60,850) and a continued decline is confirmed. You can invest or increase your holdings if Bitcoin surpasses strong resistance levels (such as $62,500) and continues to rise with positive signals.
For day traders, you can take advantage of the quick market movements by entering and exiting positions based on short-term technical trading signals.
Always avoid investing money you cannot afford to lose and seek specialized financial advice if you are unsure about your decisions.
Bitcoin faced difficulty extending gains above the resistance levels of $63,650 and $63,800. A peak was formed at $63,798, and the price started a downward correction.
The price dropped below the $63,000 level. The bears managed to push it below the $62,500 level and the 100-hour simple moving average. There was also a move below the 50% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high.
Bitcoin is now trading below $62,500 and the 100-hour simple moving average. A bearish trend line is forming with resistance at $61,850. The bulls are now trying to protect the $61,400 zone and the 61.8% Fibonacci retracement level of the upward move from the $59,951 low to the $63,798 high. If there is another increase, the price might face resistance near the $61,850 level and the trend line.
The first major resistance is near the $62,250 level. The next major resistance could be at $62,500. A clear move above the $62,500 resistance might start a steady increase and push the price higher.
In this case, the price could rise and test the $63,250 resistance. Any further gains might drive BTC towards the $63,650 resistance in the near term.
If Bitcoin fails to climb above the $62,250 resistance area, it could continue to decline. Immediate support on the downside is near the $61,400 level. The first major support is at $60,850. The next support is forming near $60,500. Any further losses might push the price towards the $60,000 support area in the near term.
If you are a long-term investor, it might be better to hold onto Bitcoin if you believe in its long-term potential. Short-term fluctuations can be part of the journey towards larger gains in the future.
If you are a short-term investor, you might consider partial or full selling if Bitcoin breaks below major support levels (such as $60,850) and a continued decline is confirmed. You can invest or increase your holdings if Bitcoin surpasses strong resistance levels (such as $62,500) and continues to rise with positive signals.
For day traders, you can take advantage of the quick market movements by entering and exiting positions based on short-term technical trading signals.
Always avoid investing money you cannot afford to lose and seek specialized financial advice if you are unsure about your decisions.
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