BTCUSD by ThinkMarkets — TradingView

Bitcoin BTC is trading above the 79500 support level today after a successful retest. A breakthrough of the 82800 resistance level is expected to confirm the rally to 84394, while weak buying momentum and price stability below 82800 may lead to continued sideways fluctuations.

Here are the details for current technical reading:
After Bitcoin pulled back from its lowest peak of 82,800 points, it successfully retested this level as support and successfully rebounded above 79,500 points.

Moving Averages: The price is currently trading between the moving averages after bouncing above the 50 level, which could signal a correction on the one hand and buyers looking to consolidate above the support zone on the other.

Relative Strength Index (RSI): The index has moved back below the 50 level with the current correction, which may reflect weak buying momentum in the short term, so it is important to monitor price action in and around support areas.

bullish scenario
Stable trading and price stability above the 79500 level could indicate a target of the 82800 area. If it breaks and stabilizes above it, the rise could extend to the 84394 level.

situation situation
It is firmly below the 82800 level. We may see occasional volatility and some volatility below that level, waiting for enough momentum to break out.

Monitoring level (critical level)
• Resistor: 82800 – 84394
• Support: 79500 – 78000
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