BTC next steps
Traders,
Let's break down the current Bitcoin/USDT chart on Binance, using the Heikin Ashi candles for a clearer trend perspective.
Market Overview:
#btc has been on a downward trajectory since mid-June, with the recent price action showing a sharp decline. We're currently trading at $56,530 as of July 6, 2024.
Trend Analysis:
The long-term uptrend that began in January has clearly lost steam.
We've seen a series of lower highs and lower lows since March, indicating a shift to a bearish mid-term trend.
The recent candles are predominantly red, signaling strong selling pressure.
Key Levels:
Support: Look for potential support around the $54,000-$55,000 range, which aligns with levels last seen in January.
Resistance: The immediate overhead resistance sits at $60,000, with a stronger barrier around $64,000-$65,000.
Targets:
Upside:
Short-term relief rally target: $60,000
IF bullish momentum returns, watch for $65,000
Major resistance and potential reversal zone: $70,000-$72,000
Downside:
Immediate support target: $54,000
If bearish pressure continues, next major support: $50,000
Worst-case scenario in this cycle could see us testing $46,000-$48,000
Recommended trading strategy:
Short-term traders: Look for oversold bounces, but be cautious of the overall bearish trend.
Long-term holders: Consider accumulating on dips if you believe in BTC's fundamentals.
Always use proper risk management. This market is showing high volatility.
Let's break down the current Bitcoin/USDT chart on Binance, using the Heikin Ashi candles for a clearer trend perspective.
Market Overview:
#btc has been on a downward trajectory since mid-June, with the recent price action showing a sharp decline. We're currently trading at $56,530 as of July 6, 2024.
Trend Analysis:
The long-term uptrend that began in January has clearly lost steam.
We've seen a series of lower highs and lower lows since March, indicating a shift to a bearish mid-term trend.
The recent candles are predominantly red, signaling strong selling pressure.
Key Levels:
Support: Look for potential support around the $54,000-$55,000 range, which aligns with levels last seen in January.
Resistance: The immediate overhead resistance sits at $60,000, with a stronger barrier around $64,000-$65,000.
Targets:
Upside:
Short-term relief rally target: $60,000
IF bullish momentum returns, watch for $65,000
Major resistance and potential reversal zone: $70,000-$72,000
Downside:
Immediate support target: $54,000
If bearish pressure continues, next major support: $50,000
Worst-case scenario in this cycle could see us testing $46,000-$48,000
Recommended trading strategy:
Short-term traders: Look for oversold bounces, but be cautious of the overall bearish trend.
Long-term holders: Consider accumulating on dips if you believe in BTC's fundamentals.
Always use proper risk management. This market is showing high volatility.
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Proudly listed on binance-futures-signals.com/
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