Frome our previous outlook, #BTC price started its price increase as expected. After Trump announcement to ceasefire in the #MiddleEastTensions , Bitcoin price increased to breaking the immediate resistance at 72k.
Bitcoin price shifted from a range to a bullish momentum before facing immediate rejection at the 72k resistance level and entered consolidation.
Currently Bitcoin is trading above the immediate support at 68k and 70k. From the 4-hour chart, Bitcoin started forming Higher lows signalling a recovery momentum.
Looking at the market structure, #bitcoin is testing the 72k zone. on Tuesday, the market closed fairly close above the 68k support and closely to 72k resistance and consolidated. The price reluctant to decline signals a potential breakout above 72k, additionally, a close above this level could signal potential upside momentum.
As long as Bitcoin holds above the 68,200 support and respect the market structure (H.H and H.L) the bullish bias remains valid. A break above the immediate 70k resistance and close above the 72k could trigger continuation towards the 76k resistance (2nd TP).
Bitcoin price increased from 67, 800 to 72,600 at it's likely to a bullish momentum considering that the geopolitical tension has paused. However nothing has changed from our analysis, and BTC outlook remains clear and bullish.
Key Targets:
72,000
74,500
76,000
