Bitcoin(BTCUSD) Outlook & important levels for the upcoming week for COINBASE:BTCUSD by CrazyTrades247
Bitcoin is down by around 3. 5% in current week, the structure of the decline is very clean, price is facing multiple rejections from the bearish trendline, and continuing it's moves in lower direction. currently it's getting a bounce back form an immediate support of 62360, after this bounce-back, we are expecting that price might again face rejection form the same trendline and may continue it's move to the further lower levels. 61150 might evolve as a reversal zone, the logic behind this …
Bitcoin is down by around 3. 5% in current week, the structure of the decline is very clean, price is facing multiple rejections from the bearish trendline, and continuing it's moves in lower direction. currently it's getting a bounce back form an immediate support of 62360, after this bounce-back, we are expecting that price might again face rejection form the same trendline and may continue it's move to the further lower levels. 61150 might evolve as a reversal zone, the logic behind this lies in Fibonacci retracement zones as this accounts for 0. 5- 0. 618 levels, and when we consider the move form 1st July to 21st July as an bounce back form a strong support zone, then the moves form 21st July appears as correction for the Upswing and expected to get reversed at 61150. for fresh shorts wait for the breakout below 62360, but should be cautious about the presence of important fib levels. Expected to see sideways to bearish moves in the upcoming weeks. Important Levels:S1: 62360S2: 61150S3: 58330R1: 65000R2: 65700R3: 66930For Educational Purposes only, Not an Investment Advice, Always use strict Risk management measures. Regards CrazyTrades247. DisclaimerThe 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 theTerms of Use.