Bitcoin – Ascend or Descend?!- An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.07617
• Second Key support level of EUR/USD: 1.072363
• Third Key support level of EUR/USD: 1.063614
• First key resistance level of EUR/USD: 1.082795
• Second Key resistance level of EUR/USD: 1.0898
• Third Key resistance level of EUR/USD: 1.099917
• First key support level of USD/CHF: 0.87854
• Second Key support level of USD/CHF: 0.87605
• Third Key support level of USD/CHF: 0.87303
• First key resistance level of USD/CHF: 0.88209
• Second Key resistance level of USD/CHF: 0.88807
• Third Key resistance level of USD/CHF: 0.89490
• First key support level of GBP/USD: 1.259708
• Second Key support level of GBP/USD: 1.257937
• Third Key support level of GBP/USD: 1.253507
• First key resistance level of GBP/USD: 1.263107
• Second Key resistance level of GBP/USD: 1.268807
• Third Key resistance level of GBP/USD: 1.277354
• First key support level of USD/JPY: 149.6850
• Second Key support level of USD/JPY: 148.910
• Third Key support level of USD/JPY: 147.606
• First key resistance level of USD/JPY: 150.34
• Second Key resistance level of USD/JPY: 150.860
• Third Key resistance level of USD/JPY: 151.745
Bitcoin – Ascend or Descend?!
During the last four weeks, Bitcoin has seen a significant surge, with buyers pushing the price to a record high of $52,956.
From a technical analysis perspective, no apparent reason for a price reduction has been observed in long-term periods such as monthly and weekly charts. If the resistance level of $52,500 is breached, it may result in further growth potential, with possible resistance levels at $55,000 and $58,300.
In shorter periods, such as daily, the upward trend has weakened due to buyers hesitating to continue the trend and liquidating their transactions.
The formation of specific candlestick patterns, such as Spinning top, Shooting Star, and Hanging Man, may indicate traders’ indecision about continuing the current trend. Additionally, these patterns may suggest the formation of a price ceiling and a possible price drop.
This cryptocurrency is experiencing a neutral trend, with its price fluctuating between $50,750 and $52,500. Breaking through either of these price levels can be considered significant in predicting the future price of this cryptocurrency.
If the price ceiling of $52956 is reached due to the overbought condition of the chart, the price will have the potential to correct the upward trend. In this regard, the price is expected to hit support levels of $50,750 and $49,010 in more severe scenarios.
The CloseOption Team
