Current price: 70200
Key point: 69300
Our preferred strategy: Buy positions above 69300 with a first target of 72000 and then a second target of 76000.
Alternative scenario: Stop loss and trend reversal upon breaking the 68000 level, targeting the 65000 level.
Technical commentary
Bitcoin managed to break through the pivotal resistance level of 69300, along with breaking through the descending price channel, which is considered a bearish flag pattern. The price is expected to continue rising to the levels of 72000 and then the levels of 76000.
