Bitcoin, Technical Analysis – H4

Bitcoin is receiving its share of investor optimism amid positive news from the Middle East. However, the upside potential at this stage appears limited by a strong resistance zone around $67,500. From there, the price is likely to reverse and head back down toward the local trendline in the $65,000 area.

Key Levels:

□ $67,500 (strong resistance)

□ $65,000 (local trendline support)

Primary Scenario:

Development of an upward wave toward $67,500, followed by a corrective move lower.

Alternative Scenario:

Failure to break and hold above $67,500 may lead to an earlier and deeper pullback toward $65,000 or lower.

Analyst Commentary:

The advance toward $67,500 looks like a relatively safe short-term scenario.