Get started
Happy_Candles_Investment

Limited upside but more potential downside in store for Bitcoin?

Short
Bitcoin (BITSTAMP:BTCUSD)  
Happy_Candles_Investment  
BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Support and Resistance Candlestick Analysis bitcoinprice bitcoinscenarios bitcoinusd bitcoinglookingweak bitcoingindownwardparallelchannel
0
0
trendanalysis supportandresistance candlestick bitcoinprice bitcoinscenarios bitcoinusd bitcoinglookingweak bitcoingindownwardparallelchannel
Bitcoin has been trapped in a downward descending channel since March 14th 2024. It is continuously struggling to hold ground and important supports. Right now it is struggling to climb above 50 hours EMA (64612) indicating weakness. Even if 50 hours EMA is crossed there is channel top and 200 days resistance near 66072. In case Bitcoin is not able to cross and close above 50 hours EMA next week, the next support levels will be only near 63551, 62413. After 62413 there is a strong support zone for Bitcoin between 60763 and 62015. 62015 will be a strong support as it is also the mid channel support for Bitcoin.
Happy Candles Investment
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.