Bitcoin's Crucial Intraday Chart: $60K Breakout Looming?

Intraday Chart:

The intraday chart will play a major role today.

1. A bearish break-out below $60,239 results in a dip towards $58,624 and lower to $56,698.

2. Re-claiming $61,742 is what we need today as it will decrease risk of downside in the daily and weekly charts and likely to lead to $63,245.

3. Similar to yesterday, a slow and choppy consolidation above $60,239 remains a possibility for today, even though I expect some volatility as a result of the weekly transition.


Daily Chart:

There is no change in the price action for Bitcoin since yesterday, as it continue to consolidate below the key support zone around $61,671.

The weekly candle closure today below $61,263 is not ideal as it will increase odds for the downside move in the coming week(s) to re-test the zone around weekly support $54,759.

Below $61,671, Bitcoin is technically bearish and sustained price action below this level results in a downward move towards $58,947 and, if broken to the downside, to $54,000-$55,000 zone.