This is my opinion on the BTCUSD next move:
The instrument tests an important psychological level 60915
Bias – Bearish
Technical Indicators: Supper Trend gives a precise Bearish signal, while Pivot Point HL predicts price changes and potential reversals in the market.
Target – 58826
About Used Indicators:
On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment.
Technical Analysis and Outlook:
Bitcoin encountered a substantial decline during this week’s trading session, reaching Mean Support 55800 and Key Support 53800, and subsequently retesting completed Outer Coin Dip 54000. The considerable selling pressure finalized Outer Coin Dip 51000 and major Key Support 50700. The overall upward trend remains ongoing, leading to the establishment of a new Mean Resistance 61700 and the completion of the Interim Coin Rally 62600. The potential extension towards Mean Resistance 65500 and 68500 holds significant promise for the forthcoming week’s sessions. The likelihood of temporary downward pressure toward the Mean Support at 57400 exists before the coin resumes its upward trajectory.