Bitcoin Hits 62. 6K — Is 65K the Key to Recovery? for COINBASE:BTCUSD by inchartswetrust
Hello, traders! Over the past week, Bitcoin reached every downside target discussed in my previous analyses. In my last update, I wrote: “The final downside target at 62. 5K — a key support level where Bitcoin has been consolidating since early June — remains untouched for now. However, with the local trendline now broken, all major moving averages lost, the important 65K level reclaimed by the bears, and little sign of meaningful buying interest, I believe a move toward 62. 5K is …
Hello, traders!Over the past week, Bitcoin reached every downside target discussed in my previous analyses. In my last update, I wrote:“The final downside target at 62. 5K — a key support level where Bitcoin has been consolidating since early June — remains untouched for now. However, with the local trendline now broken, all major moving averages lost, the important 65K level reclaimed by the bears, and little sign of meaningful buying interest, I believe a move toward 62. 5K is increasingly likely. ”🎯In the end, Bitcoin came within just $100 of that target, bottoming around 62. 6K, before staging a solid rebound. Today, the price even attempted to break back above 65K. 🐻🪓That said, the key level remains unchanged. As long as Bitcoin is trading below 65K, another retest of the 62. 5K support cannot be ruled out. 🦬🚀The bullish scenario, with upside targets at 67K and 67. 6K, will only come back into play if Bitcoin manages to reclaim 65K and, more importantly, hold above it. Peace 🌄⚠️ Disclaimer:All information shared on this channel is for educational and informational purposes only and is not investment advice. The author is not responsible for your trading decisions. Always manage your risk and make your own independent decisions. 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.