Currently, Bitcoin is moving within a large descending broadening wedge pattern, often signaling bearish momentum. However, recent oversold signals suggest a potential short-term shift. According to analyst Josh of Crypto World, larger volatility, potentially impacting support or resistance levels, may occur as the new trading week begins. Here’s a breakdown of his latest analysis:
The Supertrend indicator is still in the red, underscoring ongoing bearish sentiment. Until Bitcoin breaks above a significant resistance of around $67,000–$68,000, it’s likely to continue in this broader bearish trend. For bullish momentum to gain a strong foothold, Bitcoin must break and maintain levels above this range.
On the daily chart, Bitcoin has encountered a bounce from a key support zone between $60,000–$61,000. If this support holds, short-term resistance is expected at around $63,000, with further resistance near $64,200. Stronger resistance lies closer to the $67,000-$68,000 range.
Over the weekend, Bitcoin’s price may stay relatively stable with minor bullish relief. If Bitcoin does see an upswing, liquidity zones around $62,700, $63,400, and $64,200 could serve as potential resistance areas. However, a drop could see Bitcoin test the liquidity near the $60,000 mark, a scenario more likely to play out during the week when trading volume rises.
A recent bullish spike in the DXY (U.S. Dollar Index) has posed bearish pressure on Bitcoin and the broader crypto market. While DXY typically does not trade over weekends, low volatility and trading volumes can often lead to more stable weekend price action for Bitcoin. A
RSI Reset and Trend Continuation
The chart shows that the RSI has reset to a neutral level, giving Bitcoin more room to the downside. This reset could lead to continued bearish trends after short-term consolidation or mild bullish relief, especially if a volatile move kicks off in the upcoming week.
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