Hello traders.
Currently, BTCUSD continues to maintain its bearish trend without any significant reversal, with the price currently consolidating around $63,884 near the boundary of the 34 EMA (reflecting the coin's negativity). If conditions are favorable, we intend to continue selling BTCUSD from this point on, Fibonacci 0.5 and 0.618 also indicate selling pressure could be strong if this resistance is received. The target in this case is $58,645 to coincide with a test of the downtrend channel limit as indicated on the chart..
However, if the cryptocurrency successfully breaks out of this downtrend, we will reassess the situation to determine a more suitable entry point, likely around the $66,000 region to coincide with a test EMA 89.
Good luck and happy trading!
Currently, BTCUSD continues to maintain its bearish trend without any significant reversal, with the price currently consolidating around $63,884 near the boundary of the 34 EMA (reflecting the coin's negativity). If conditions are favorable, we intend to continue selling BTCUSD from this point on, Fibonacci 0.5 and 0.618 also indicate selling pressure could be strong if this resistance is received. The target in this case is $58,645 to coincide with a test of the downtrend channel limit as indicated on the chart..
However, if the cryptocurrency successfully breaks out of this downtrend, we will reassess the situation to determine a more suitable entry point, likely around the $66,000 region to coincide with a test EMA 89.
Good luck and happy trading!
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