Today's market outlook analysis
$BTC last night tried to break through 63300, but it still failed to hold and continued to fall. From chart 1 on the 4-hour timeframe, 63300 is not being able to hold up; it is still in a downtrend. Also, on the 4-hour chart, above 63300 it looks like a big mountain—strongly suppressing price. If the 4-hour timeframe can break through and hold 63300, then it may open the way for a move into the 63800–64000 range.
Below, support is at 62500–62227. If Btc keeps dropping, we’ll watch whether it can form a bottom here and then break through 63300 to bring the next round of upward movement. However, I think the chances are not very big, because the liquidity below is too dense. It feels like unless that lower liquidity is taken, even if price rises, it won’t go very far. If 62227 breaks down, then watch 61500 and 60800.
Chart 2: In the broader direction, it looks like a head-and-shoulders top followed by a decline.
$BTC last night tried to break through 63300, but it still failed to hold and continued to fall. From chart 1 on the 4-hour timeframe, 63300 is not being able to hold up; it is still in a downtrend. Also, on the 4-hour chart, above 63300 it looks like a big mountain—strongly suppressing price. If the 4-hour timeframe can break through and hold 63300, then it may open the way for a move into the 63800–64000 range.
Below, support is at 62500–62227. If Btc keeps dropping, we’ll watch whether it can form a bottom here and then break through 63300 to bring the next round of upward movement. However, I think the chances are not very big, because the liquidity below is too dense. It feels like unless that lower liquidity is taken, even if price rises, it won’t go very far. If 62227 breaks down, then watch 61500 and 60800.
Chart 2: In the broader direction, it looks like a head-and-shoulders top followed by a decline.