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Bitcoin’s range-bound consolidation and bottoming are complete; the bulls are recovering. If there’s a pullback, it’s a chance for a low-entry long.
On the weekly level, there’s been a strong bullish surge. The MACD and KDJ technical indicators have both turned upward, showing a bullish bias, with room for further upside in the short term.
After a period of weak consolidation on the daily chart, it has printed 5 straight bullish candles and the coin price is running above the middle Bollinger Band.
On the 4-hour level, after oscillating with low weekend volume, the price surged strongly in the morning and pushed up to hit resistance near 64000. After topping on the 1-hour chart, it entered another range. In the overall bullish trend, the consolidation is only building momentum for a higher push.
Currently, 64000 has formed as a resistance level, but it’s not a hard resistance. The key support is 62500. If there is a short-term pullback, that’s a chance for a low-entry long.
Entry opportunity: Long near 63000, targets 64500-65200.