Hello Traders! 👋
What are your thoughts on Bitcoin ?
Bitcoin remains within its broader bearish market structure, with price continuing to trade below the long-term descending trendline. After finding support around $58,000, buyers managed to trigger a temporary rebound. However, the current recovery still appears to be corrective rather than the start of a new bullish trend.
The corrective rally is expected to extend toward the $70,000–$73,300 resistance zone, where the long-term descending trendline converges with the 50% and 61.8% Fibonacci retracement levels, forming a major technical resistance area.
As long as price remains below this resistance cluster, the primary outlook stays bearish. A rejection from this zone is expected to initiate the next bearish leg, potentially driving Bitcoin toward a new swing low around $48,000.
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 within its broader bearish market structure, with price continuing to trade below the long-term descending trendline. After finding support around $58,000, buyers managed to trigger a temporary rebound. However, the current recovery still appears to be corrective rather than the start of a new bullish trend.
The corrective rally is expected to extend toward the $70,000–$73,300 resistance zone, where the long-term descending trendline converges with the 50% and 61.8% Fibonacci retracement levels, forming a major technical resistance area.
As long as price remains below this resistance cluster, the primary outlook stays bearish. A rejection from this zone is expected to initiate the next bearish leg, potentially driving Bitcoin toward a new swing low around $48,000.
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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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.