Bitcoin traded lower on Monday and Tuesday after it hit resistance at $66,100. That said, The support at $57,835 stopped the slide, which prevented the crypto from moving lower on Oct. 27 and 28.
Although the price structure suggests that the prevailing uptrend has run out of steam, we will not call for a reversal yet. We prefer to wait for a dip below $57,835 before doing so. Thus, for now, we will stay neutral.
A clear and decisive dip below $57,835 would confirm a forthcoming lower low and may initially target the low of Oct.12, at $52,675. If the sellers are not willing to stop there, then we could see them diving towards the $50,350 zone, marked by the low of Oct. 6, the break of which could extend the fall towards the inside swing high of Sept. 24 at $45,295.
Shifting attention to our short-term oscillators, we see that the RSI moved lower and just touched its toe below the 30 level, while the MACD lies below both its zero and trigger lines, pointing down. Both indicators detect high downside speed, adding to the chances of a break below the critical support of $57,835.
Bullish View
On the upside, we will start examining the resumption of the prevailing uptrend only if we see a break above the round figure of $70,000, slightly below which the token hit its record last Wednesday, at $68,920.
Such a break will take Bitcoin into the uncharted territory with no prior highs or inside swing lows to mark potential next resistances. So, we will target the following psychological numbers. First, we will aim for the $75,000 territory, and then for the $80,000 zone.
