Bitcoin Consolidates Between Major Technical Support And Resistance

Bitcoin has been chopping sideways for a full two weeks. It is holding between technical resistance at $66,000 and technical support at $61,000. Advanced traders and investors are watching this zone, looking to see which way Bitcoin breaks.

Should Bitcoin break to the downside, price will likely flush to the Fibonacci .618 level at $52,000. Should Bitcoin break to the upside, above $66,000, it will likely test the $74,000 all-time high and possibly go higher.

Technical analysis and data analysis help investors avoid emotion and focus on probability. This helps escape emotional decision making and use logic. Ultimately, technical analysis, if done right, can put the odds in the favor of the investor or trader. Otherwise, it is purely gambling.