Market Pressure and Short-Term Trend Outlook
Yesterday, there was a lot of selling activity in the market. The price of Bitcoin dropped below $30,000 for a while, but it bounced back when it reached one of the predetermined support levels on the chart, specifically around $29,645. Earlier, it was suggested that this support level could cause a positive reaction, but given the current bearish short-term trend, there is a higher likelihood of the price breaking the lower boundary of the channel. To change the short-term trend to a bullish one, Bitcoin needs to surpass the resistance at $30,350. Otherwise, the short-term trend will continue downwards, increasing the chance of breaking the support level.
If Bitcoin fails to break through the resistance at $30,500, it may continue to decline. There is an immediate support level around $29,645 if the price moves downwards. The next significant support level is around $29,550, and if that level is breached, the price could drop further towards the support zone around $29,200. If the losses continue, the price might reach the $28,750 level in the near future.
If Bitcoin fails to break through the resistance at $30,500, it may continue to decline. There is an immediate support level around $29,645 if the price moves downwards. The next significant support level is around $29,550, and if that level is breached, the price could drop further towards the support zone around $29,200. If the losses continue, the price might reach the $28,750 level in the near future.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.