Bitcoin's Recent Washout Led To 'Positive Chart Structure,' Technical Analysts Say
Portfolio Pulse from Khyathi Dalal
Technical analysts DonAlt and CryptoCred discuss Bitcoin's mixed signals, highlighting a positive chart structure on the monthly timeframe but bearish resistance on the weekly. Traders are advised to consider multiple timeframes as Bitcoin tests critical resistance around $64,000.
August 26, 2024 | 5:12 pm
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Bitcoin's recent washout has led to a positive chart structure on the monthly timeframe, but it faces significant resistance around $64,000 on the weekly chart. Traders should consider multiple timeframes as the market could either break out to new highs or end the current cycle.
The article discusses Bitcoin's technical analysis, highlighting a bullish monthly chart but bearish weekly resistance. This mixed signal suggests a neutral short-term impact as traders assess the potential for a breakout or cycle end.
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