Bitcoin (BTC/USD) Price Analysis
Expected Scenario
Bitcoin price (BTC/USD) has begun today with a strong decline, successfully reaching our anticipated target at $56,160.00. The price has broken below this level, confirming the dominance of the bearish trend on both the intraday and short-term basis, paving the way for additional negative targets, with the next station at $51,990.00.
Supporting Factors
A deeper look at the chart reveals that the price has completed a double top pattern, suggesting potential for further losses over the longer term, extending to $44,650.00 and $40,950.00. However, if the price fails to consolidate below $56,160.00, it might prompt recovery attempts and initiate a bullish wave targeting the $60,330.00 area initially.
Expected Trading Range
Today’s anticipated trading range for Bitcoin is between the $52,000.00 support level and the $57,000.00 resistance level.
Trend Forecast
The trend forecast for Bitcoin remains bearish.
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