Bullish Scenario: If Bitcoin manages to break above the key resistance zone of $74,000-$75,000, it could confirm a continuation of the uptrend, targeting the upper boundary of the channel around $78,000-$80,000. Strong bullish momentum would need to be sustained, with RSI and MACD confirming the move.
Pullback and Consolidation: Given the overbought conditions on the RSI and Stochastic RSI, there is a likelihood of a short-term pullback towards the $70,000-$71,000 zone or even down to $66,000. If this occurs, maintaining the lower boundary of the ascending channel will be key for sustaining the bullish outlook.
Bearish Reversal: A failure to hold the support levels, accompanied by bearish divergences in momentum indicators, could indicate a potential bearish reversal. In this case, the price could retest key lower supports near $64,000 or even the 200 SMA.
Short-Term Strategy: Monitor the resistance zone of $74,000-$75,000 closely for signs of a breakout or rejection. If Bitcoin breaks this resistance with volume and strong bullish confirmation, it could be an opportunity to go long.
Caution on Overbought Levels: Watch for potential consolidation or minor pullbacks to key support zones, given the overbought readings on RSI and Stochastic RSI.
Election Day Impact: Be prepared for increased volatility leading up to and after Election Day, as this could lead to sharp moves in either direction.
Pullback and Consolidation: Given the overbought conditions on the RSI and Stochastic RSI, there is a likelihood of a short-term pullback towards the $70,000-$71,000 zone or even down to $66,000. If this occurs, maintaining the lower boundary of the ascending channel will be key for sustaining the bullish outlook.
Bearish Reversal: A failure to hold the support levels, accompanied by bearish divergences in momentum indicators, could indicate a potential bearish reversal. In this case, the price could retest key lower supports near $64,000 or even the 200 SMA.
Short-Term Strategy: Monitor the resistance zone of $74,000-$75,000 closely for signs of a breakout or rejection. If Bitcoin breaks this resistance with volume and strong bullish confirmation, it could be an opportunity to go long.
Caution on Overbought Levels: Watch for potential consolidation or minor pullbacks to key support zones, given the overbought readings on RSI and Stochastic RSI.
Election Day Impact: Be prepared for increased volatility leading up to and after Election Day, as this could lead to sharp moves in either direction.
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