BITCOIN Hit 60k! Is the bleeding finally over?

6月24日

Bitcoin (BTCUSD) followed the medium-term June bearish forecast and as we projected on the following 2 analyses (see charts below), made the expected correction on the Support Zone around 60k:

Now the market has entered into a medium-term buy opportunity again and once we get confirmation from the 1D MA200 (orange trend-line), it will be a long-term one too. The May 01 Low and ultimate Support level is at 56550.

As you can see the 4H MA50 (red trend-line) has been resisting throughout the majority of the Channel Down/ corrective wave but the Resistance and true bullish confirmation was last time given (May 15) when the price broke above the 1D MA50 (blue trend-line).

As the top chart above shows, last year's accumulation phase (green) took another 2 months (August 17 - October 16 2023) to rise after the price broke below the 4D MA50, so we may see real movements at the end of the Summer when the price hits the bottom (Higher Lows trend-line) of the Bull Cycle's Channel Up.

In any event, BTC is on levels that long-term investors start consider buying again. Our standard medium-term Target is $72000. Note also that the 1D RSI is massively oversold at 25.50, last time it was this low was 10 months ago (on August 26 2023).

But what do you think about this price action? Is Bitcoin a solid buy now that it hit 60k again? Feel free to let us know in the comments section below!

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