FX.co ★ #Bitcoin chart analysis

Analysis and forecast for the trading instrument #Bitcoin based on technical analysis The trading instrument Bitcoin has been moving within a downtrend for the past two weeks, but I still draw attention to the fact that on the four-hour chart we also have a fairly obvious range. Therefore I would not rush to open short positions yet, because the price has just approached the lower boundary of the range at about the 76,000 mark and given that the global trend is still upward, we could well rebound from it. I'm not drawing any arrows yet, because the price could break the support zone and if the price confidently trades below 76 thousand, then it's quite reasonable to open short positions. The round level of 70 thousand looks like a quite logical target for the bears, which we may reach as part of a deep correction. But we could also see buys from the current levels, though it would be preferable to catch them on smaller timeframes. If the trading instrument #Bitcoin can break the 77,500 level, then it is quite possible to open long positions on the breakout. As for targets, the cryptocurrency may update its local high and may even reach 85,000.