Bullish breakout confirmed, next target $72000
Analysts are noticing a major shift in Bitcoin market signals, an important indicator about to flip from red to green. This change suggests that a massive wave of bullying may soon emerge.
According to Crypto World analyst Josh, the super trend indicator is returning to green. This transition historically marks the beginning of a major bull market as seen during previous reversals. For this indicator to officially turn green, Bitcoin must break above the critical resistance level of $68,900. Ideally, we'd like to see a 3-day candle close to $69,000.
Resistance Breakout
As long as Bitcoin remains above $66,000, the outlook remains bearish. This level has previously served as a strong base of support. Bitcoin is currently trading above the $66,700 to $68,300 resistance range. This breakdown is a promising sign; But it is important to confirm this with a daily candle close above the range.
If successful, this area will act as a new support level, making it easier for Bitcoin to move higher. Clearing this zone will lead to new all-time highs and significant price recovery for Bitcoin.
Price targets
A confirmed breakout could lead Bitcoin to a technical price level around $80,000. As long as BTC remains above $66,000, it is important to be cautious of short-term pullbacks, but the long-term bullish outlook remains strong.
The short-term cold is gone
BTC is currently seeing a bit of a cooling off period. This was expected and is necessary to reset the RSI on smaller time frames, which may create more room for a move higher later. The recent reversal, however small, serves to attract short positions, adding fluidity to the upward momentum going forward.
