Technical Analysis and Outlook:
Bitcoin experienced a sharp decline this week, dropping from the Mean Resistance level of $72,000. It broke through the Mean Support at $69,300 and settled at the Mean Support of $65,900, where it is currently positioned as it approaches the Inner Coin Dip at $65,000.
Market analysis suggests a continued gradual fluctuation around the Mean Support target of $65,900. If this trend persists, it may lead to a breakdown, pushing prices further down to the Inner Coin Dip at $65,000. This decline could extend to the Key Support level at $62,800, potentially resulting in a retest of the completed Coin Dip level at $60,000.
Conversely, there is a significant possibility that the price will rise, allowing for a dead-cat bounce from the current position and/or the Inner Coin Dip at $65,000, reaching the Mean Resistance at $68,900, with a possible extension to $71,200 before resuming the downward trend.
Bitcoin experienced a sharp decline this week, dropping from the Mean Resistance level of $72,000. It broke through the Mean Support at $69,300 and settled at the Mean Support of $65,900, where it is currently positioned as it approaches the Inner Coin Dip at $65,000.
Market analysis suggests a continued gradual fluctuation around the Mean Support target of $65,900. If this trend persists, it may lead to a breakdown, pushing prices further down to the Inner Coin Dip at $65,000. This decline could extend to the Key Support level at $62,800, potentially resulting in a retest of the completed Coin Dip level at $60,000.
Conversely, there is a significant possibility that the price will rise, allowing for a dead-cat bounce from the current position and/or the Inner Coin Dip at $65,000, reaching the Mean Resistance at $68,900, with a possible extension to $71,200 before resuming the downward trend.
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Related publications
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.