Technical Analysis And Trading Levels On Bitcoin

Bitcoin continues to have a solid bullish bias. The latest week saw Bitcoin spike as high as $69,500 and as low as $65,000. This choppy action could be bullish consolidation as long as price holds above $65,000.

Bitcoin has seen renewed interest with the stock market near all-time highs and the United States debt continued to climb quickly. While still a risk asset, Bitcoin eventually is likely to mature into a safe haven asset.

As long as Bitcoin holds above $65,000, look for it to climb back toward all-time high resistance near $74,000.

Should Bitcoin break $65,000, it would likely see a quick flush to $60,000. However, this level is a major bullish/bearish pivot line. Meaning that as long as it holds above $60,000 Bitcoin would retain its bullish bias, just with varying degrees. It is more bullish probability wise if it stays above $65,000 and just a little less if it trades down to $60,000.

If Bitcoin breaks $60,000, that is where the bias flips to bearish and investors need to be very careful. Bitcoin could trade down to $51,500 or even as low as $49,000 before hitting major support.

In summary, the bias remains strongly bullish as long as Bitcoin remains above $65,000 and still bullish (just less bullish) as long as it stays above $60,000.