Current price: 71900
Key point: 70500
Our preferred strategy: Buy positions above 70,500 with a first target of 75,000 and then a second target of 79,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 69000 level, targeting the 65000 level.
Technical commentary
Bitcoin fell sharply during May trading, breaking support levels of 74,000 and then 72,000. It reached the pivotal upward trend line from the low of last February. If it breaks through the resistance level of 72,500, Bitcoin will head towards 75,000 and then 79,000.
