Bitcoin H1: Will a Retest Play Out? for OANDA:BTCUSD by Marcus_lawson
Bitcoin is trading within a fairly clear descending trend, shown by the descending trendline connecting lower highs from the 65,700 zone. Following the most recent sharp decline, price dropped straight down to touch this trendline around the 63,100–63,400 zone and showed a fairly clear bounce reaction. What's notable is that just above the current price level there's an important horizontal resistance zone around 64,163–64,363, a level that previously acted as support during the prior …
Bitcoin is trading within a fairly clear descending trend, shown by the descending trendline connecting lower highs from the 65,700 zone. Following the most recent sharp decline, price dropped straight down to touch this trendline around the 63,100–63,400 zone and showed a fairly clear bounce reaction. What's notable is that just above the current price level there's an important horizontal resistance zone around 64,163–64,363, a level that previously acted as support during the prior accumulation phase. With selling pressure showing signs of stalling at the trendline bottom, price could continue pushing up to retest this resistance zone. The next level to watch is 64,163–64,363, an important zone that could determine whether BTC/USD has enough momentum to continue recovering or gets pushed back into the downtrend. Area of interest: Wait for price to hold above the descending trendline around 63,100 to look for buy signals on the pullback. Invalidation point: If price closes below this trendline, the short-term recovery structure will lose its edge and reopen the possibility of a deeper decline. 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.