Bitcoin Forms a Higher Low: Breakout Toward $65,000 Next?
$BTC has formed a Higher Low around the Support Zone, suggesting that bearish momentum may be weakening on the 1-hour timeframe. BTC is now attempting to break above the key level of $63,940 and the Resistance Lines.
From an Elliott Wave perspective, Bitcoin appears to need another bullish wave, which could develop alongside a breakout above the Resistance Lines. The recent Higher Low further supports the possibility of short-term bullish continuation.
The S&P 500 has also been trending higher over the past few hours, which could provide additional support for Bitcoin if the positive correlation continues.
I expect Bitcoin to break above the Resistance Lines and rise at least toward $64,379. If bullish momentum strengthens, BTC could extend toward the Cumulative Short Liquidation Leverage zone ($64,500-$65,000).
First Target: $64,379
Second Target: $64,500-$65,000
Stop Loss: $63,180 (Worst case)
Key level to watch: $63,940
Which level do you think Bitcoin will reach first?
$64,379
$63,180
$BTC has formed a Higher Low around the Support Zone, suggesting that bearish momentum may be weakening on the 1-hour timeframe. BTC is now attempting to break above the key level of $63,940 and the Resistance Lines.
From an Elliott Wave perspective, Bitcoin appears to need another bullish wave, which could develop alongside a breakout above the Resistance Lines. The recent Higher Low further supports the possibility of short-term bullish continuation.
The S&P 500 has also been trending higher over the past few hours, which could provide additional support for Bitcoin if the positive correlation continues.
I expect Bitcoin to break above the Resistance Lines and rise at least toward $64,379. If bullish momentum strengthens, BTC could extend toward the Cumulative Short Liquidation Leverage zone ($64,500-$65,000).
First Target: $64,379
Second Target: $64,500-$65,000
Stop Loss: $63,180 (Worst case)
Key level to watch: $63,940
Which level do you think Bitcoin will reach first?
$64,379
$63,180