Bitcoin‘s recent trading activity presents a relatively stable weekend with a minimal 0.36% drop in value, currently standing at $61,771. This slight decline has initiated a notable negative impact on several alternative cryptocurrencies. The pressing question is what we can anticipate for Bitcoin’s trajectory in the near future.
Deciphering the Daily Chart Patterns
A close examination of Bitcoin’s daily chart reveals an ascending channel pattern that offers valuable predictions for market players. The pattern recently culminated in a breakout, suggesting a consolidation phase where Bitcoin is hovering around the potential support or resistance lines, which will decisively influence its next move.
Critical support levels, according to the daily chart analysis, lie at $60,350, $59,007, and $56,957. A close beneath $59,007 could signify fading bullish momentum. Conversely, investors should eye resistance markers at $62,190, $63,743, and $65,540. Surpassing the key $63,743 resistance level could give rise to an upward price trend.
Scrutinizing the Hourly Chart Indicators
On the hourly time frame, Bitcoin’s price action is framed within a triangle pattern, a key focal point for traders. The triangle’s support and resistance encounters could indicate potential market shifts. A drop below the Exponential Moving Average (EMA) 9 on recent hourly bars points to a potential bearish outlook.
The hourly chart’s vital support benchmarks are set at $61,563, $61,087, and $60,630. Breaching the $61,087 support could confirm a downturn within the triangle’s structure. On the flip side, the resistance thresholds are positioned at $62,091, $62,445, and $62,753. Overcoming the intersection resistance at $62,445 might lead to a bullish scenario, enhancing Bitcoin’s bullish momentum.