62K for entry, 57.8K target
Bitcoin ($BTC) failed to break the important 64.5K resistance we discussed earlier. This keeps the market bearish, and the chances of a downside move (AB=CD pattern) are increasing, especially with the strong rally in the USD and US yields.
For now, we should avoid long positions. Consider 64.5K as the invalidation point for any bullish moves and focus on the downside. The next target is around 57.8K.
If you're planning to sell, you might look at 62K as a possible intraday resistance. For long positions, weâll need either a break above 64.5K or support at deeper levels. But for now, itâs best to hold off on any long trades.
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