Welcome to Extreme Investor Network: Your Source for Exclusive Stock Market Insights
As experts in the field of stock market analysis and trading, we provide unique and valuable information to help you make informed investment decisions. Today, we take a closer look at the current state of the market:
The Challenge of Near-Term Resistance
Bitcoin has been facing a key obstacle at the 71,790-resistance level, preventing it from further upward movement. This resistance, combined with a 78.6% retracement and a bearish divergence in the relative strength index, suggests a potential for a correction in the near future.
Despite these challenges, the technical picture remains largely bullish. The recent retracement was shallow, staying above the 8-Day MA and now above the 20-Day line. The weekly chart also shows signs of a bullish continuation, with the potential for a breakout above this week’s high of 71,290.
Anticipating a Breakout
As we monitor the market closely, we are watching for a decisive rally above this week’s high to confirm a bullish continuation of the uptrend. If this breakout occurs, the next target is around 77,660, supported by Fibonacci levels and a large ABCD pattern.
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