Accumulate

bullish

Bitcoin

Time

<p>Since last week, there's been a focus on <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin's price</a> action. Amid rising geopolitical tensions, Bitcoin faced a setback and is now teetering on the edge of breaking <a href="https://coinpedia.org/price-analysis/bitcoin-crash-btc-price-hits-60k-will-it-crash-more/" target="_blank" rel="noopener noreferrer nofollow">below the crucial $60K mark</a>. But how far could Bitcoin fall? <a href="https://www.youtube.com/watch?v=d_vTIU022Gg" target="_blank" rel="noopener noreferrer nofollow">Analyst Virtual Bacon</a> identified key levels for potential corrections: around $62,500 and between $58,800 to $60,000.&nbsp;</p>  
<p>In the charts, the critical support and resistance levels are the 200-day EMA and the 21-week EMA. The bull market support band sits between $61,000 and $62,500, and while some may think the market has turned bearish after breaking below this band, it's important to remember that these signals are based on weekly candles.</p>  
<h2 class="wp-block-heading" id="h-how-to-identify-a-bullish-breakout">How To Identify A Bullish Breakout?</h2>  
<p>Ideally, the analyst suggests waiting for two weekly candle closes to confirm any trends. If Bitcoin closes above $63,000 by the end of the week, it could indicate a bullish reversal, while a wick into the support band followed by a close above could also be a positive sign. Therefore, the long-term weekly support has not yet been definitively broken, and further monitoring is necessary.</p>  
<h3 class="wp-block-heading" id="h-bitcoin-below-60k-an-opportunity">Bitcoin Below $60k: An Opportunity?</h3>  
<p>The analyst explained the importance of the Bitcoin bull market support band and the 200-day <a href="https://coinpedia.org/traders/what-is-moving-average-indicator/" target="_blank" rel="noopener noreferrer nofollow">exponential moving average</a> (EMA), both around $60,000. This includes previous support and resistance levels, particularly around the $59,900 mark. He said that the recent three-candle pattern is a significant consolidation signal, hinting at a potential price reactions within this range. The analyst believes this area presents a good opportunity for buying Bitcoin and altcoins, as altcoins typically follow Bitcoin's price movements.</p>  
<h3 class="wp-block-heading" id="h-will-bitcoin-retest-50k">Will Bitcoin Retest $50k?</h3>  
<p>The market has been in a downtrend since March, characterized by lower highs and lower lows. However, recent price action shows signs of a potential shift, with the possibility of forming a new uptrend. The analyst suggests that to confirm this, Bitcoin needs to make higher highs and higher lows moving forward.</p>  
<p>If Bitcoin closes below $58,000 on a daily basis, or below $50,000 weekly, it could indicate trouble for the expected uptrend. The analyst is starting to buy within the $59,000 to mid-$50,000 range, suggesting that this area provides a favorable risk-to-reward ratio for potential gains.</p>   [post_titles_links postid="359274"]

Bitcoin Price Flirts With $59K: Analyst Urges It’s Time to Accumulate Bitcoin and Altcoins

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