As of today, Bitcoin BTC is trading around $60,170, showing slight gains over the past 24 hours. The current market situation indicates mixed signals.
Main technical indicators:
1. Moving averages:
- The 10 and 20 day moving averages indicate bullish sentiment.
- However, the longer-term 50 and 200 day moving averages are neutral to bearish, indicating potential resistance levels around $60,500 to $61,000.
2. Support and resistance levels:
- Support: Key support levels are around $57,500 and $55,000.
- Resistance: The main resistance levels are at $61,000 and $63,000.
3. Technical figures:
- A bearish flag is being formed, which may indicate a possible short-term correction.
- The general trend remains in the ascending channel, which indicates a possible continuation of growth if key resistance levels are broken.
Trading signal:
Given the current mixed indicators:
- Short term: Watch for a possible pullback to support levels around $57,500. If Bitcoin holds above this level, it could be a buy signal.
- Long term: A breakout of $61,000 on strong volume could confirm the continuation of the bullish trend. Conversely, a fall below $57,500 could indicate a further correction to $55,000 or lower.
Always consider your risk tolerance and market conditions before making trades.
