📉 Bitcoin Price Update: Medium-Term Downtrend Continues 📉
Updated
Hello, fellow traders and investors! 😊Let's dive into the latest analysis of Bitcoin's price movement.
https://www.tradingview.com/x/R4k1Eu8g/
As we assess the current market conditions, it's evident that we remain within a medium-term downtrend. Despite recent attempts to break above the main descending trendline, the price has failed to sustain upward momentum. This failure to breach the trendline resistance suggests that further downside movement is likely in the near future.📉
What can we expect next?👀 With anticipated minor pullbacks along the way, it's reasonable to project a descent towards the key psychological level of $60,000. However, the journey doesn't end there. Once we reach this level, it will be crucial to closely observe price action for potential further developments.
While my bias leans towards a continuation of the downtrend with a target of $58,000 and potentially lower, it's important to exercise patience and vigilance. Market dynamics can change rapidly, and it's essential to adapt our strategies accordingly.📊
Stay tuned for more updates as we navigate through these market movements together! Don't hesitate to share your insights and observations in the comments below.🩷
Happy trading!🫶
Thanks for Your attention 🫶
Always sincerely with You, Kateryna💙💛
https://www.tradingview.com/x/R4k1Eu8g/
As we assess the current market conditions, it's evident that we remain within a medium-term downtrend. Despite recent attempts to break above the main descending trendline, the price has failed to sustain upward momentum. This failure to breach the trendline resistance suggests that further downside movement is likely in the near future.📉
What can we expect next?👀 With anticipated minor pullbacks along the way, it's reasonable to project a descent towards the key psychological level of $60,000. However, the journey doesn't end there. Once we reach this level, it will be crucial to closely observe price action for potential further developments.
While my bias leans towards a continuation of the downtrend with a target of $58,000 and potentially lower, it's important to exercise patience and vigilance. Market dynamics can change rapidly, and it's essential to adapt our strategies accordingly.📊
Stay tuned for more updates as we navigate through these market movements together! Don't hesitate to share your insights and observations in the comments below.🩷
Happy trading!🫶
Thanks for Your attention 🫶
Always sincerely with You, Kateryna💙💛
Note
The white zone is a crucial support area - if we fail to hold it, a sharp price drop below $58,000 awaits us.Note
Pay attention on next strong support - level 55 000! Note
Looks like we are going to re-test the downward resistance level 63,000 - 63,500It's worth follow the price behavior in this zone (blue)
Note
We are moving to the next resistance Note
Possible levels are: 61,100; if it manages to hold and bounce off this level, it's a good sign. If the price will continue falling, the support level will be 59,800.
Note
Next support 59 500! We need to focus on it!
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