Bitcoin’s key bearish reversal candle last Thursday, following fresh record highs, was met with further selling on Friday, taking the price back to test uptrend support running from the April lows. What happens in the coming days may provide clues on directional risks for bitcoin over the medium to longer term.
A clean break of the uptrend would put support at $115,800 on the radar for shorts, with a more pronounced support zone found between $112,500 and $112,000.
If the price were to bounce, minor resistance at $119,000 is the only notable level before a potential retest of the record highs above $124,000.
Given recent price action, a downside bias is marginally favoured, although the preference is to see how price evolves early in the week before determining how to proceed.
RSI (14) and MACD remain marginally in bullish territory, although with the uptrend in the former broken and the latter now sitting below the signal line, the overall momentum picture is more neutral than bullish. Price action should therefore take precedence.
Good luck!
DS
A clean break of the uptrend would put support at $115,800 on the radar for shorts, with a more pronounced support zone found between $112,500 and $112,000.
If the price were to bounce, minor resistance at $119,000 is the only notable level before a potential retest of the record highs above $124,000.
Given recent price action, a downside bias is marginally favoured, although the preference is to see how price evolves early in the week before determining how to proceed.
RSI (14) and MACD remain marginally in bullish territory, although with the uptrend in the former broken and the latter now sitting below the signal line, the overall momentum picture is more neutral than bullish. Price action should therefore take precedence.
Good luck!
DS
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.