Bitcoin trend analysis
This week's weekly closing is very critical. If the closing price is below $59,800, the risk of a sharp drop still exists.
We mentioned earlier that the price range of $58,400-59,600-60,600 is the boundary between long and short positions.
At present, the daily chart of Bitcoin shows that the price is fluctuating around $58,000. The rebound has not yet ended and there is still a possibility of further increase. The MACD indicator shows a bottom divergence, and the fast and slow lines show a cross signal.
On the 4-hour chart, the turning point of the AB=CD pattern is after $61,000, and there are signs of a decline.
At the same time, the 4-hour chart also shows a signal of top divergence. Wall Street is closed on weekends, and institutions such as Grayscale are temporarily resting, which may bring a small rebound.
Support level: $60,000
Resistance level: $56,500
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