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Technical outlook:
Bitcoin tested the resistance level around $59,600 again yesterday before reversing sharply lower. According to Gartley patterns, it might be carving $65,000 high earlier. It is expected to terminate around the $41,000-43,000 zone. Please also note that Fibonacci 0.382 retracement of the entire rally between $38,50 and $65,000 is seen towards the $41,500 mark hence raising probabilities for a bounce.
Bitcoin wave structure is constructive for bears as the corrective drop enters its third phase since $59,600 high. The crypto is seen to be trading around the $54,800 level at this point in time. It is expected to continue drifting lower from here. Immediate price support is seen around $52924, while resistance is at $59,600, followed by $61,000 and higher levels respectively.
A break below $52,924 will accelerate further lower towards $47,000 and further. Please note that the above drop remains corrective and once completed, Bitcoin is likely to resume its uptrend above the $65,000 mark. Traders might position themselves accordingly.
Trading plan:
Remain short, stop @ 65000, target @ 41000-43000
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।