Hello Traders! 👋
What are your thoughts on Bitcoin?
Bitcoin remains in a broader downtrend. After finding support around the $58,000 level, price has entered a corrective rally. However, this move is still considered a temporary correction within the prevailing bearish trend, with no confirmed signs of a broader trend reversal.
Over the coming week, the correction is expected to extend toward the highlighted resistance zone, where the long-term descending trendline converges with the 50%–61.8% Fibonacci retracement, creating a strong confluence area.
Price is expected to face selling pressure upon reaching this resistance zone and form a bearish rejection. If this scenario plays out, it would reinforce the prevailing downtrend and increase the probability of a decline toward a new swing low. In this case, the 0.707 Fibonacci retracement near $48,000 stands as the next major downside target.
As long as Bitcoin remains below the highlighted resistance zone and the long-term descending trendline, the bearish outlook remains intact, and any upside movement should be viewed as a corrective rally rather than the beginning of a new bullish trend.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on Bitcoin?
Bitcoin remains in a broader downtrend. After finding support around the $58,000 level, price has entered a corrective rally. However, this move is still considered a temporary correction within the prevailing bearish trend, with no confirmed signs of a broader trend reversal.
Over the coming week, the correction is expected to extend toward the highlighted resistance zone, where the long-term descending trendline converges with the 50%–61.8% Fibonacci retracement, creating a strong confluence area.
Price is expected to face selling pressure upon reaching this resistance zone and form a bearish rejection. If this scenario plays out, it would reinforce the prevailing downtrend and increase the probability of a decline toward a new swing low. In this case, the 0.707 Fibonacci retracement near $48,000 stands as the next major downside target.
As long as Bitcoin remains below the highlighted resistance zone and the long-term descending trendline, the bearish outlook remains intact, and any upside movement should be viewed as a corrective rally rather than the beginning of a new bullish trend.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
telegram.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
telegram.me/+1gFAIO4CJJw3NTU0
✅ MY INSTAGRAM :
instagram.com/marketanalaysis
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。