Bitcoin: Bulls and Bears Battle at a Critical Support Zone for BINANCE:BTCUSDT by DukesMarketAnalysis
Primary trend remains bearish Bitcoin continues to trade within a broader downtrend despite the recovery from the July low. While the medium-term rally remains intact, the potential double top around $66,700 continues to cast a shadow over the chart. Moving averages sending mixed signals Price has pulled back into the 50-day EMA after once again finding resistance at the 100-day EMA. The 100/50-day EMAs remain bearishly crossed, reinforcing that the longer-term trend still favours the …
Primary trend remains bearishBitcoin continues to trade within a broader downtrend despite the recovery from the July low. While the medium-term rally remains intact, the potential double top around $66,700 continues to cast a shadow over the chart. Moving averages sending mixed signalsPrice has pulled back into the 50-day EMA after once again finding resistance at the 100-day EMA. The 100/50-day EMAs remain bearishly crossed, reinforcing that the longer-term trend still favours the bears. Critical support under pressureThe $61,300-$62,300 zone is now the key battleground. This area combines the July 6 swing low at $61,306 with the 0. 618 Fibonacci retracement around $61,298, making it an important confluence of support. Resistance remains overheadThe major weekly resistance around $66,000-$67,000 continues to cap rallies. Bulls will need to reclaim this zone to negate the potential double top and strengthen the medium-term recovery. Momentum remains neutralRSI continues to chop around the 50 level, reflecting a lack of directional momentum, while StochRSI has fallen into oversold territory. Volume also remains relatively neutral, suggesting neither side has taken decisive control. In SummaryBitcoin has reached a pivotal technical area, with the $61,300-$62,300 support zone likely to determine the next major move. A successful defence could allow bulls to form a double bottom and challenge the $66,000-$67,000 resistance once again. However, a decisive break below the July 6 swing low at $61,306 would strengthen the bearish case and increase the probability of a retest of the July low around $57,800. I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. Chart PatternsTechnical IndicatorsTrend AnalysisDisclaimerThe 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 theTerms of Use. Chart PatternsTechnical IndicatorsTrend AnalysisI analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions. DisclaimerThe 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 theTerms of Use.