Bitcoin's Steep Decline: Is $58K Inevitable?🫨

Updated

Hello, friends! 👋🏻Today, let's dive into the world of Bitcoin trading and explore some key insights from the daily chart. ⚡️

https://www.tradingview.com/x/OM1gzff7/

Today, let's take a look at the daily Bitcoin chart, where I've highlighted the time frame from the decline in 2021 to our current days in 2024 with a white ⚪️ bowl-shaped area. Starting from November 2022 until the beginning of 2023, the price was in the accumulation zone (highlighted in green 🟢 on the chart), after which we finally bid farewell to the downtrend, and the bears gave way to the bulls.💪

💡I've also added the Moving Average indicator, which is one of the simplest for novice traders and one of the most widely used indicators for trend and momentum determination: it's suitable for traders working in any style and on any time frame.

And what can we see?🧐 That each correction starting from the beginning of the uptrend touches this moving average line!

💥 It can cautiously be assumed that this time will be no different: the price may drop to levels of $62,000 - $60,000 - $58,000. You can see a strong support level on the chart: the price shouldn't fall below it, as we are still in a bullish trend.📈

I've highlighted the direction of price movement with orange 🟠 circles. By the way, the correction occurred immediately after the price broke the previous highs, as it has happened many times before, and this time was no exception!🤷🏽‍♀️

I wonder, what do you think, will the price drop to $58,000? or will the correction not be so deep? Write in the comments, let's make some noise!💥

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Thanks for Your attention💋

Sincerely yours, Kateryna💙💛

Trade active

we are moving in that way!

RocketBomb

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