Bitcoin must break a crucial level to become truly bullish! To $61,000 or $74,000?!

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The past period has been a relatively quiet period for Bitcoin price action technically. We have been consolidating for over 3 months in a wide range from $59,000 to $74,000. For the time being, we don’t seem to be leaving it yet. We are currently moving in the middle of that range, but we appear to be making a cautious attempt to reverse upwards again. You can read exactly how this works and what the most important price levels are to break in today’s update. Read on quick!

Weekly chart:

The hundred thousand. So far away and yet so close. We expect that we will look for that target this cycle. It is of course no guarantee and that is why you always use your risk management. This means that you do not buy everything at once with your investments, but gradually scale them up, that you only invest money that you can afford to lose and that you have mentally prepared yourself for the possibility of losing your money. That’s part of the game. And when it comes to trading, it is much simpler. You use a stop loss and if it is hit you are out of position and look for a new opportunity. Protecting capital is priority number one, making profits priority number two. Without risk management you don’t stand a chance in this risky and extremely volatile market.

The weekly chart is still the same. The low at $59,000 should be held and the high at $74,000 should be broken. A weekly candle close above $74,000 means we are moving towards $100,000. Until then, the main thing is to maintain patience and sit quietly on your hands.

Daily chart:

I have drawn the two most obvious ideas on the graph. Both are bullish. In the ultimate bullish scenario, we will initiate the reversal from here and break the high at $67,298. If we do that, I expect that we will have seen the bottom and that we can be looking at a new all-time high. If we lose the local low, there is no other option and we will take another step lower. That would also fit within the bullish idea. It is important, however, that we drop no more than $61,000. Anything lower than that creates the risk of us going much lower, with $56,000 initially and potentially $53,000-$51,000 and below. We definitely don’t want to see that!

1-hour chart:

The 1-hour chart looked very interesting at first, but then the hard rejection makes it a lot riskier. Experience shows that such rapid retracements are usually not a positive signal and often lead to lower prices. However, I don’t want to give up hope yet, because the liquidity picture is still pointing upwards. However, it is essential that we keep the demand at $65,220-$65,069. If we don’t do that, unfortunately I have no choice but to look lower.

Conclusion

In short, things are quite tricky with Bitcoin at the moment. I would not so much open new positions here, but rather see which side Bitcoin will choose. The high time frame idea remains the same, namely: Higher. Unfortunately, it is uncertain locally and we have to wait and see what the market gives us. Keep the key levels in mind as a guideline for the coming hours and days. Good luck!

Disclaimer: The analyzes above are based on technical patterns and trends in the crypto market. It is critical to emphasize that this information is not intended as financial advice. Cryptocurrency investments inherently involve risk and are subject to volatility. Before making investment decisions, it is recommended to do your own research, seek financial advice and only invest what you can afford to lose.

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