Bitcoin

Resistance

Daily

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-market-watch-pivotal-support-and-resistance-zones-detailed">Bitcoin Market Watch: Pivotal Support and Resistance Zones Detailed</a><br></p>
<p style="text-align: justify"> <a href="https://en.bitcoinhaber.net/bitcoins-rise-continues-will-it-reach-new-heights">Bitcoin</a>‘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. </p> 
<h2 id="deciphering-the-daily-chart-patterns">Deciphering the Daily Chart Patterns</h2> 
<p style="text-align: justify"> 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. </p> 
<p style="text-align: justify"> 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. </p> 
<h2 id="scrutinizing-the-hourly-chart-indicators">Scrutinizing the Hourly Chart Indicators</h2> 
<p style="text-align: justify"> 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. </p> 
<p style="text-align: justify"> 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.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-market-watch-pivotal-support-and-resistance-zones-detailed">Bitcoin Market Watch: Pivotal Support and Resistance Zones Detailed</a></h5>

Bitcoin Market Watch: Pivotal Support and Resistance Zones Detailed

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