Bitcoin loosing steam, 35K Levels for end of the year
Technical Analysis:
The $64,075 resistance zone was tested, but concurrently, my medium-term selling orders around this level are about to be triggered with targets set at $51,513. I see increasing resistance in the $64,075 range, and despite the strong bearish candle sequence on the chart, Bitcoin remains neutral to bearish. It is currently teetering around the 200-day moving average, which serves as a critical support level as the U.S. session approaches.
However, the $51,513 - $35,566 range is now a significant support zone, established by the daily chart’s candlestick configuration. Bitcoin has struggled to break above its recent highs, indicating weak bullish momentum. I still haven't received confirmation for a short-term re-sell opportunity, and it is not advisable to enter the market without tight risk management, given the rejection of recent correction attempts due to fundamental buying pressure. Monday’s session opening on Wall Street could have a bearish impact on Bitcoin. My selling bias remains unchanged as I treat bullish spikes as temporary, with potential for a new aggressive bearish takedown. Bitcoin is extending sideways action, following the continuation of the former daily chart’s descending channel, as market sentiment remains cautious (fears of economic instability and strong dollar pressure).
Pisition:
Observe how Bitcoin's strong re-selling level of the $64,075 zone is critical, with possible volatile swings. Currently, Bitcoin is in a short-term downtrend and remains very sensitive to every bearish development. I am highly skeptical and hold strong reservations about Bitcoin’s recent recovery, as I don’t believe that buyers will see a continuation of this trend. On the other hand, there is no significant factor to push Bitcoin upwards again besides critically bearish technicals, so I will await a retest of the $64,075 level to re-sell Bitcoin towards the $51,513 benchmark first, then $35,566 in extension. I do expect a significant decline ahead for Bitcoin, which can extend my excellent trading results on re-sell orders I have been operating with. Patience is required.
The $64,075 resistance zone was tested, but concurrently, my medium-term selling orders around this level are about to be triggered with targets set at $51,513. I see increasing resistance in the $64,075 range, and despite the strong bearish candle sequence on the chart, Bitcoin remains neutral to bearish. It is currently teetering around the 200-day moving average, which serves as a critical support level as the U.S. session approaches.
However, the $51,513 - $35,566 range is now a significant support zone, established by the daily chart’s candlestick configuration. Bitcoin has struggled to break above its recent highs, indicating weak bullish momentum. I still haven't received confirmation for a short-term re-sell opportunity, and it is not advisable to enter the market without tight risk management, given the rejection of recent correction attempts due to fundamental buying pressure. Monday’s session opening on Wall Street could have a bearish impact on Bitcoin. My selling bias remains unchanged as I treat bullish spikes as temporary, with potential for a new aggressive bearish takedown. Bitcoin is extending sideways action, following the continuation of the former daily chart’s descending channel, as market sentiment remains cautious (fears of economic instability and strong dollar pressure).
Pisition:
Observe how Bitcoin's strong re-selling level of the $64,075 zone is critical, with possible volatile swings. Currently, Bitcoin is in a short-term downtrend and remains very sensitive to every bearish development. I am highly skeptical and hold strong reservations about Bitcoin’s recent recovery, as I don’t believe that buyers will see a continuation of this trend. On the other hand, there is no significant factor to push Bitcoin upwards again besides critically bearish technicals, so I will await a retest of the $64,075 level to re-sell Bitcoin towards the $51,513 benchmark first, then $35,566 in extension. I do expect a significant decline ahead for Bitcoin, which can extend my excellent trading results on re-sell orders I have been operating with. Patience is required.
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