2024-9-18 11:05 |
Last week’s trading was impressive as Bitcoin recovered from $52k, although it encountered resistance and is now losing momentum. Sentiment is now negative following a strong sell since yesterday.
It’s the start of a new week for Bitcoin as it already registered losses after dropping from the $60,900 level over the weekend. These drops came after undergoing a mini retracement throughout last week.
This led the price into the $57,000 range over the past hour, and from the look of things, Bitcoin is much more likely to post bigger losses in the next few days as supply becomes heavy at the time of writing.
While the leading cryptocurrency is still trading in a broadening wedge, it is forming a new bearish pattern on the daily chart, initiated from $70k. A weekly close below the key $50k level should confirm a crash to $44k – considered the main target level in this correction.
Suspending this bearish pattern above the mentioned key level could bring the bulls back into the market with a possible buy formation.
But as it stands, Bitcoin’s bearish correction has not ended on the mid-term scale. However, it is important to pay attention to a potential change in the trend when it tests the mentioned target level. Its daily outlook remains weak as negative sentiment becomes strong.
BTC’s Key Levels To Watch Source: TradingviewIn the current dip, BTC targets a close support of $56,078. If the price breaks below it, the monthly $52,550 support is next to watch before breaking to the $49,000 level – August’s low.
If Bitcoin finds support nearby, we may see a climb back to the $60,900 and $61,190 levels. A flip through this resistance could propel buying to the $65,065 and $68,000 levels in no time.
Key Resistance Levels: $61,190, $65,065, $68,000
Key Support Levels: $56,078, $52,550, $49,000
Spot Price: $57,590 Trend: Bearish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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