Bitcoin, Technical Analysis – H4
After several attempts by bulls to defend the price above $60,000, Bitcoin has slipped below $59,000 and is now preparing to break the sloping support line.
After several attempts by bulls to defend the price above $60,000, Bitcoin has slipped below $59,000 and is now preparing to break the sloping support line. This development brings the next downside targets at $57,000 and $56,000 into focus.
Key Levels:
□ $59,000 (recent low/break level)
□ $57,000 (intermediate target)
□ $56,000 (next target)
Primary Scenario:
Decline toward $57,000 and $56,000.
Alternative Scenario:
Periodic upward bounces toward the $60,000 area that will be unable to change the overall bearish outlook for BTC.
Analyst Commentary:
The medium-term target at $50,000 continues to remain relevant.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.