Bitcoin Higher Low Achieved: Is the Rally About to Resume?
After a bit of a scare as the Bitcoin price fell back to $64,600, probably reflecting the poor sentiment in the U.S. stock market, the rally that started at the beginning of July looks to have resumed. A higher high above $67K is the initial target for this bounce. Do the bulls h
After a bit of a scare as the Bitcoin price fell back to $64,600, probably reflecting the poor sentiment in the U.S. stock market, the rally that started at the beginning of July looks to have resumed.
A higher high above $67K is the initial target for this bounce. Do the bulls have what it takes? Bounce takes place - higher high next?
Source: TradingView The 4-hour time frame chart reveals that it was a shorter term trendline from which the $BTC price eventually bounced. Be that as it may, the bounce did happen, and as long as the price can confirm above the key $65,600 resistance, no harm will have been done. The next step for the bulls is to push the price to a higher high of just under $67K for this current wave of price action, and then a little bit further to $67,250 to take out the main higher high that was put in back in mid-June.
On the other hand, if this current small upswing loses momentum, the price could end up back inside the ascending channel, and a fakeout could be the end result for all the effort put in by the bulls. A move back to the bull market trendline could then be the target for the bears. $BTC price in good place for next higher move Source: TradingView The daily time frame illustrates the crucial position of the $BTC price right now.
Things look quite good for a bounce from the top of the descending channel after a confirmation of the breakout. This bounce would also likely succeed in forcing the price back through the key $65,600 horizontal resistance, and on to a higher high in the trend. Nevertheless, if the price does the opposite and falls through the combined support of the top of the channel and the short trendline, a return at least to the bull market trendline would probably follow, and a revisit of the bottom of the channel and a new bear market low could also be on the cards.
Rally to $73K - stock market allowing Source: TradingView With most of Friday plus the weekend still to go, the weekly candle close is the most important
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