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Bitcoin Breakout or Pullback? Critical Levels in Focus
Bitcoin (BTC/USD), often referred to as "Crypto Gold," is the leading cryptocurrency that represents a decentralized digital asset and a store of value. As the price fluctuates, Bitcoin remains a key focus for both investors and traders, influencing the broader crypto market. In the current market, Bitcoin is showing a new wave of bullish movement despite short-term bearish corrections. The price has been hovering above the Ichimoku Cloud since the new all-time high (ATH) on July 14th, maintaining momentum above the support at 116,000. While the market shows short-term indecision, Bitcoin's overall trend remains bullish, especially with the recent price action showing bullish signals. Today, various economic releases such as the API Weekly Statistical Bulletin and the National Association of Realtors' home resale data will influence the USD, possibly providing volatility for the BTC-USD pair.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The Bitcoin chart reveals a continuation of upward pressure, with recent price action suggesting a consolidation within an orange channel, indicating a short-term correction. The lower boundary of this channel near 116,000 is acting as strong support, and the upper boundary is now facing a potential resistance level. The Ichimoku Cloud continues to show bullish signals, with the candles moving above the cloud, although a potential resistance at 120,500 may pose a challenge. The CRSI (Connors RSI) indicator is at a high value of 78.48, suggesting that Bitcoin is in overbought territory, which could lead to a pullback before further movement upwards. The bullish long-term trend line remains intact, but caution should be observed in the short term due to the resistance levels ahead.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
Capitalcore
Bitcoin (BTC/USD), often referred to as "Crypto Gold," is the leading cryptocurrency that represents a decentralized digital asset and a store of value. As the price fluctuates, Bitcoin remains a key focus for both investors and traders, influencing the broader crypto market. In the current market, Bitcoin is showing a new wave of bullish movement despite short-term bearish corrections. The price has been hovering above the Ichimoku Cloud since the new all-time high (ATH) on July 14th, maintaining momentum above the support at 116,000. While the market shows short-term indecision, Bitcoin's overall trend remains bullish, especially with the recent price action showing bullish signals. Today, various economic releases such as the API Weekly Statistical Bulletin and the National Association of Realtors' home resale data will influence the USD, possibly providing volatility for the BTC-USD pair.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The Bitcoin chart reveals a continuation of upward pressure, with recent price action suggesting a consolidation within an orange channel, indicating a short-term correction. The lower boundary of this channel near 116,000 is acting as strong support, and the upper boundary is now facing a potential resistance level. The Ichimoku Cloud continues to show bullish signals, with the candles moving above the cloud, although a potential resistance at 120,500 may pose a challenge. The CRSI (Connors RSI) indicator is at a high value of 78.48, suggesting that Bitcoin is in overbought territory, which could lead to a pullback before further movement upwards. The bullish long-term trend line remains intact, but caution should be observed in the short term due to the resistance levels ahead.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
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