$BTC #MarketDownturn #Binance #bitcoin

Current Trend: The current trend seems to be bearish in the short term, as prices can be seen declining after a sharp peak.

2. Support and Resistance Levels:

• Nearest Support: 61,186.15 USDT level.

• Nearest Resistance: 61,336.62 USDT level.

• The MA60 moving average is located at 61,305.54 USDT and acts as a nearby resistance level.

3. Candlestick Analysis: The last candle represents selling pressure, but not very strong. If the candles continue to form below the MA60 moving average, it increases the probability of a continuation of the decline.

4. Volume: The volume is somewhat low compared to the previous movement. This indicates possible volatility but without strong momentum.

Recommendations:

• Short-term trading:

• Entry: Enter a sell trade if the price fails to surpass the resistance level of 61,305.54 USDT.

• Target: 61,186.15 USDT.

• Stop loss: 61,411.85 USDT.

• Long-term trading: It may be better to wait for confirmation about the price direction, especially if there is a breakout of the current support level or the downtrend continues.

🔍 Trading recommendation: Initiate a sell trade with a target of 61,186.15 USDT. Place a stop loss at 61,411.85 USDT.