Bitcoin continues to retrace after the recent selloff, while the higher-timeframe trend remains bearish.
The daily structure suggests there is room for this recovery to extend toward the 68k region before sellers are likely to regain control. At this stage, the move appears corrective rather than the start of a new uptrend.
If Bitcoin reaches the 68k zone and fails to build acceptance above it, the broader downtrend could resume, with 58k becoming the next major downside objective.
Outlook
• Near-term bias: Retracement toward 68k.
• Broader trend: Still bearish.
• Downside objective on rejection: 58k.
For now, the market is recovering, but the larger trend has yet to show evidence of a meaningful reversal.
The daily structure suggests there is room for this recovery to extend toward the 68k region before sellers are likely to regain control. At this stage, the move appears corrective rather than the start of a new uptrend.
If Bitcoin reaches the 68k zone and fails to build acceptance above it, the broader downtrend could resume, with 58k becoming the next major downside objective.
Outlook
• Near-term bias: Retracement toward 68k.
• Broader trend: Still bearish.
• Downside objective on rejection: 58k.
For now, the market is recovering, but the larger trend has yet to show evidence of a meaningful reversal.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.