Will Bitcoin Fall Again? Current BTC Analysis
- Bitcoin rallied from the $62,910-$62,300 support zone and traded long at $62,910.
- According to Coinotag analysts, BTC has a target of $65,800 and is expected to exceed this level. Otherwise, the decline may continue.
- Readers are advised to set an entry stop at $62,910 and set their targets at $65,800 and $69,000.
Bitcoin’s technical analysis focuses on the target of $69,000 by breaking the resistance above $65,800 with the rise starting at $62,910.
MEDIUM TERM BTC ANALYSIS
Looking at Bitcoin’s 8-hour technical chart, according to the analysis we shared yesterday, BTC fell to the $62,910 – $62,300 support zone in the last decline and rose from the $62,910 level.
Our followers who traded long at $62,910 were up more than 3% yesterday and it would be more strategic to put the entry stop at this level. Because if BTC falls again from this level, it may fall to $62,300 and $61,200.
According to Coinotag analysts, as long as Bitcoin price stays above the $62,910-$62,300 support range, its first target will be $65,800. If BTC breaks the $65,800 resistance and closes 8-hour candles above $66,800, it could continue its uptrend to $69,000.
Therefore, it is important for our readers who trade long at $62,910 to follow the entry stop and set their targets at $65,800 and $69,000 respectively.
