Bitcoin, Technical Analysis – H4
Bitcoin has exited its medium-term ascending channel and, after a possible retest of the $64,400 area, is expected to decline toward $62,000.
Bitcoin has left the medium-term ascending channel, which had generated some excessive enthusiasm among investors (but in no way cancelled the short pressure dominating the intraday timeframes from the weekly chart). Now, after a possible retest of the lower boundary of the channel (the $64,400 area), a decline in quotes toward the $62,000 region can be expected.
Key Levels:
□ $64,400
□ $62,000
Primary Scenario:
Pullback to the $64,400 zone, followed by a decline to $62,000.
Alternative Scenario:
Direct decline to $62,000.
Analyst Commentary:
Bears retain control in the crypto market.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.