Bitcoin / TetherUSUpdated BTCUSDT Eyes Resistance at 70K: Short-Term Pullback Expected
This chart is of the BTCUSDT (Bitcoin/Tether) pair on the 1D (daily) time frame, showing that Bitcoin is in a strong uptrend within an ascending price channel.
Brief Analysis:
Uptrend in price channel: Bitcoin is currently trading within an ascending price channel with higher highs and higher lows. The price remains above the lower trendline of this channel.
Resistance around 70,000 USDT: A strong resistance zone near 70,000 USDT could challenge further price increases. It is likely that the price will face selling pressure at this level.
Correction scenario: The chart suggests a possible short-term correction after reaching the resistance zone, potentially dropping to the 66,000 - 67,000 USDT area before resuming the uptrend.
Moving Averages (MA): The moving averages show a positive signal, as the price has crossed above them, adding momentum to the bullish trend. This supports the longer-term upward movement.
Strong support: The key support level for this uptrend is in the 63,000 - 64,000 USDT range, where the moving averages converge.
Overall, the uptrend remains intact within the channel, but a short-term pullback is possible before breaking through the major resistance levels for further gains.
Brief Analysis:
Uptrend in price channel: Bitcoin is currently trading within an ascending price channel with higher highs and higher lows. The price remains above the lower trendline of this channel.
Resistance around 70,000 USDT: A strong resistance zone near 70,000 USDT could challenge further price increases. It is likely that the price will face selling pressure at this level.
Correction scenario: The chart suggests a possible short-term correction after reaching the resistance zone, potentially dropping to the 66,000 - 67,000 USDT area before resuming the uptrend.
Moving Averages (MA): The moving averages show a positive signal, as the price has crossed above them, adding momentum to the bullish trend. This supports the longer-term upward movement.
Strong support: The key support level for this uptrend is in the 63,000 - 64,000 USDT range, where the moving averages converge.
Overall, the uptrend remains intact within the channel, but a short-term pullback is possible before breaking through the major resistance levels for further gains.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.