Current price: 70800
Key point: 69000
Our preferred strategy: Buy positions above 69,000 with a first target of 73,000 and then a second target of 77,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 68000 level, targeting the 65000 level.
Technical commentary
Bitcoin managed to hold above the 200-period moving average on the four-hour timeframe and above the pivotal 69,000 level. If it breaks the downtrend line from the peak of last October, Bitcoin will then head towards the 73,000 level and then the 77,000 level.
