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As experts in the field of stock market analysis and trading, we provide unique and valuable information to help you make informed investment decisions. Today, we take a closer look at the current state of the market:
The Challenge of Near-Term Resistance
Bitcoin has been facing a key obstacle at the 71,790-resistance level, preventing it from further upward movement. This resistance, combined with a 78.6% retracement and a bearish divergence in the relative strength index, suggests a potential for a correction in the near future.
Despite these challenges, the technical picture remains largely bullish. The recent retracement was shallow, staying above the 8-Day MA and now above the 20-Day line. The weekly chart also shows signs of a bullish continuation, with the potential for a breakout above this week’s high of 71,290.
Anticipating a Breakout
As we monitor the market closely, we are watching for a decisive rally above this week’s high to confirm a bullish continuation of the uptrend. If this breakout occurs, the next target is around 77,660, supported by Fibonacci levels and a large ABCD pattern.
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