Today's market trend and forecast:
As the bullish momentum failed to sustain above $70,000, the trendline breakout was postponed, and the Bitcoin price prediction of $100,000 was made. A negative cycle began to appear in the channel part of the flag pattern, and the BTC price plummeted this week.
In addition, the bear cycle pushed the Bitcoin price below the 50% Fibonacci retracement level of the sideways trend. The 6% drop overnight resulted in a bearish engulfing, breaking the support trendline of the previous recovery, posing a threat to the $60,000 support level.
The MACD and signal lines have a bearish crossover, and the daily RSI line has fallen below the 50% line and is approaching the oversold boundary. Therefore, the momentum indicator foreshadows a bearish trend ahead as the supply pressure increases sharply.
Currently, the BTC price is $61,500, with an intraday increase of 0.46%, forming a dragonfly cross. Therefore, the possibility of a bearish stop over the weekend is optimistic for the Bitcoin price.
According to the Fibonacci levels and the descending support trendline, BTC price will fall sharply next week. The following technical support is at $55,582, and the support trendline is located below it.
However, $60,000 is a key psychological support that is able to absorb a large supply inflow. Therefore, if Bitcoin maintains its dominance above $60,000 and triggers a potential sentiment shift, a rebound may occur next week.
The bullish cycle of Bitcoin price may test the $70,000 mark and the upper resistance trendline.
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