Hello Traders! 👋
What are your thoughts on Bitcoin?
Bitcoin remains in a bearish structure after breaking below the ascending channel that had guided price action higher since February.
Following the breakdown, BTC experienced a sharp decline toward the $60,000 area, where buyers temporarily stepped in and triggered a corrective rebound. However, the recovery has lacked strong momentum so far, suggesting that the recent advance is more likely a corrective move rather than the beginning of a new bullish trend.
The corrective rally is expected to continue toward the key resistance zone, where the broken channel support and previous swing lows converge. This area is likely to act as a major resistance and serve as a potential pullback test of the breakdown.
We expect price to face rejection from this zone, which would reinforce the bearish outlook and increase the probability of a new downward leg. In that scenario, the next major downside target comes in around $54,000, which coincides with the 70.7% Fibonacci retracement level
As long as Bitcoin remains below the resistance zone, the broader market structure remains bearish, and any short-term strength is viewed as a pullback within the prevailing downtrend rather than a trend reversal.
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 bearish structure after breaking below the ascending channel that had guided price action higher since February.
Following the breakdown, BTC experienced a sharp decline toward the $60,000 area, where buyers temporarily stepped in and triggered a corrective rebound. However, the recovery has lacked strong momentum so far, suggesting that the recent advance is more likely a corrective move rather than the beginning of a new bullish trend.
The corrective rally is expected to continue toward the key resistance zone, where the broken channel support and previous swing lows converge. This area is likely to act as a major resistance and serve as a potential pullback test of the breakdown.
We expect price to face rejection from this zone, which would reinforce the bearish outlook and increase the probability of a new downward leg. In that scenario, the next major downside target comes in around $54,000, which coincides with the 70.7% Fibonacci retracement level
As long as Bitcoin remains below the resistance zone, the broader market structure remains bearish, and any short-term strength is viewed as a pullback within the prevailing downtrend rather than a trend reversal.
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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면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.