Bitcoin May Face a Big Test Soon
Bitcoin has moved sideways since the end of February, and the cryptocurrency may face a big test soon.
The first pattern on today’s chart is the $69,000 peak from November 2021. Prices inched above this level in March and April but failed to hold. Traders may next view a return above the old highs as a bullish signal, while remaining below them could make the recent pushes look like false breakouts.
Second is the series of lower highs and lower lows since the second week of April. This falling channel could turn into a consolidation before a breakout – or could be the start of a new downtrend.
Third, BTCUSD has stayed below its 50-day simple moving average and is now pulling it lower. Does that bolster the case of a new downtrend starting?
Finally, the most important pattern could be the level around $60,000. It was a place where the crypto bounced in March and mid-April. Holding it would also represent a higher low, which could turn the falling channel into a bull flag with continuation potential.
Given these considerations, BTCUSD’s behavior in this tight range could be important for the its long-term trajectory.
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TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the $69,000 peak from November 2021. Prices inched above this level in March and April but failed to hold. Traders may next view a return above the old highs as a bullish signal, while remaining below them could make the recent pushes look like false breakouts.
Second is the series of lower highs and lower lows since the second week of April. This falling channel could turn into a consolidation before a breakout – or could be the start of a new downtrend.
Third, BTCUSD has stayed below its 50-day simple moving average and is now pulling it lower. Does that bolster the case of a new downtrend starting?
Finally, the most important pattern could be the level around $60,000. It was a place where the crypto bounced in March and mid-April. Holding it would also represent a higher low, which could turn the falling channel into a bull flag with continuation potential.
Given these considerations, BTCUSD’s behavior in this tight range could be important for the its long-term trajectory.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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