Bitcoin Intraday Shake-Up: Crucial Levels to Watch!

Intraday Chart:

The intraday chart could save Bitcoin as long as it is trading above $60,239.

1. A bearish break-out and a sustained price action below $60,239 results in dip towards $58,624 and, if broken to the downside, lower to $56,698.

Re-claiming $61,742 will be ideal, as it will decrease risk of downside and likely to lead to $63,245.

A slow and choppy consolidation in the tight range above $60,239 is also a possibility due to a thin weekend liquidity.

Daily Chart:


Yesterday, Bitcoin gave up all gains from Thursday and closed strongly bearish below $61,671, key support zone, and below 100MA.

A sustained price action in this location is bad for BTC and it has to recover to above $61,671, as soon as possible.

Below $61,671 is the bearish territory and a re-test of $61,671 today followed by a strong rejection will lead to a downward move towards $58,947 and, if broken to the downside, to $54,000-$55,000 zone.

A price recovery to above $61,671 is needed today or tomorrow for BTC to move towards $63,245.

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