BTC Bulls Eye Higher Targets Despite Price Dip
Solid ECN – Bitcoin broke out of the descending trendline (in blue), but the bulls failed to stabilize the price above the EMA 50 and the middle line of the Bollinger Band. Consequently, the pair formed a long-wick bearish candle on the daily chart. As of this writing, the BTC/USD pair has dipped and is currently testing the broken resistance at $61,896.
The technical indicators provide mixed signals. RSI hovers below 50, but AO is bullish, showing a green line.
From a technical perspective, the bullish outlook remains valid if the BTC/USD price remains above $61,896. In this case, the next target could be $67,333.
On the flip side, the downtrend will resume if the price falls below the support level, with $56,460 as the next support level.