Bitcoin (BTCUSD) Price Analysis:
Bitcoin price (BTCUSD) has settled above the neckline of a recently breached double bottom pattern visible on the chart. This technical formation, coupled with a clear elimination of negative momentum in stochastic indicators, suggests a favorable environment for the resumption of the bullish trend in the intraday perspective. The next immediate target for Bitcoin stands at 65,485.00$.
The presence of the EMA50 further reinforces the continuation of the suggested bullish wave. However, it’s crucial to monitor the price closely as a break below 62,000.00$ could exert negative pressure, potentially targeting the critical support level around 60,330.00$.
Expected Trading Range:
Today’s expected trading range for Bitcoin (BTCUSD) is between support at 62,000.00$ and resistance at 65,485.00$.
Trend Forecast: Bullish
In summary, the forecast for Bitcoin (BTCUSD) indicates a bullish outlook supported by technical patterns and momentum indicators. Traders should remain attentive to price movements around the identified levels to gauge the continuation or reversal of the current trend.
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