Bitcoin (BTCUSD) continues to exhibit a bearish trend, having formed a head and shoulders pattern on the minor chart. This technical setup suggests that the price is likely to move beyond the initial target of $56,160, potentially reaching further negative targets around $51,990.
The EMA50 continues to exert negative pressure on the price, reinforcing the bearish outlook. This trend will remain intact unless Bitcoin manages to rally and break above $60,326.70, with sustained trading above this level potentially reversing the current negative momentum.
The expected trading range for today is between $55,400 (support) and $59,000 (resistance).
Trend Forecast: Bearish
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