Bitcoin ($BTC) Technical Analysis for the Last 3 Days
Overview:
As of October 16, 2024, Bitcoin reached a price of $68,000 and is currently trading around this level. Recently, a bullish trend has been observed with periods of consolidation. Bitcoin is trading above its 50- and 200-hour moving averages, indicating bullish momentum, although indicators like RSI suggest overbought conditions.
Key Levels:
• Resistance: $68,500 (a key resistance level that Bitcoin needs to break for further upward movement).
• Support: $66,800 (support level based on previous consolidation zones).
Forecast:
• Short-term: If Bitcoin breaks the $68,500 resistance, it may move higher toward $70,000. If it fails to hold this level, a pullback to $66,800 or lower is possible.
• Long-term: The bullish trend remains strong, supported by rising trading volumes and demand. However, corrections and volatility should be expected in the coming days.
Recommendations:
• Traders should exercise caution, especially considering Bitcoin’s overbought conditions.
• A breakout above $68,500 may signal an opportunity to open long positions, targeting $70,000.
• A pullback below $66,800 may open opportunities for short positions.
