Technical Analysis and Outlook:
During the trading session of the previous week, the Bitcoin market underwent a significant pullback, surpassing the completed Outer Coin Dip at 112000, and is currently stabilized at the Mean Support level of 108000. The prevailing analysis indicates a substantial likelihood of a rebound for the cryptocurrency, with a target set at the critical Mean Resistance level of 112700. There is, however, a possibility of further extension towards the Mean Resistance level denoted as 117000. On the downside, Bitcoin may continue its descent to the final target of Outer Coin Dip 102500, navigating through Mean Support 105500 before ultimately resuming its bullish trajectory.
During the trading session of the previous week, the Bitcoin market underwent a significant pullback, surpassing the completed Outer Coin Dip at 112000, and is currently stabilized at the Mean Support level of 108000. The prevailing analysis indicates a substantial likelihood of a rebound for the cryptocurrency, with a target set at the critical Mean Resistance level of 112700. There is, however, a possibility of further extension towards the Mean Resistance level denoted as 117000. On the downside, Bitcoin may continue its descent to the final target of Outer Coin Dip 102500, navigating through Mean Support 105500 before ultimately resuming its bullish trajectory.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.