BITCOIN (BTCUSD): Potential Areas to Watch for Bullish Trend
Bitcoin violented a resistance cluster formed by a downward trendline and a horizontal structure, suggesting a potential increase in price.
However, upon retesting the broken structure, the price falls below a support line in an ascending channel.
One potential outcome is a pullback before a rally. The initial support range is between $60,036 and $61,368, with a possible drop to $57,300.
This level could serve as a foundation for support before a reversal sends the price back towards the target of $68,000.
Overall, the outlook is optimistic, as Bitcoin is expected to rebound following a corrective decline.
However, upon retesting the broken structure, the price falls below a support line in an ascending channel.
One potential outcome is a pullback before a rally. The initial support range is between $60,036 and $61,368, with a possible drop to $57,300.
This level could serve as a foundation for support before a reversal sends the price back towards the target of $68,000.
Overall, the outlook is optimistic, as Bitcoin is expected to rebound following a corrective decline.
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