Bitcoin 'Finds Solid Ground' But Needs To Secure This 'Vital' Support Level, Says Trader
Portfolio Pulse from Ivan Crnogatić
Ali Charts, a popular cryptocurrency trader and analyst, highlighted Bitcoin's key support and resistance levels. Bitcoin is trading just short of the $70,000 mark, with a stable base at $68,300. A break below this level could see a downswing to the next support range between $65,250 and $63,150. Securing $70,320 as support is crucial for Bitcoin's next upward move. This analysis is significant as Bitcoin struggles to surpass its previous all-time high and aims for a bullish trajectory.
April 01, 2024 | 4:00 pm
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Ali Charts identified critical support at $68,300 for Bitcoin, with potential downswing to $65,250-$63,150 if broken. Securing $70,320 as support is vital for upward movement.
The analysis by Ali Charts directly impacts Bitcoin's short-term price direction by identifying key support and resistance levels. Holding above $68,300 suggests a stable base, potentially leading to an upward movement if $70,320 is secured as support. Conversely, breaking below could trigger a sell-off towards the next support range, indicating a short-term bearish outlook. Given Bitcoin's recent struggle to surpass its all-time high, these levels are particularly significant for traders.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100