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Bitcoin succeeded in achieving the negative outlook, as we expected during the previous analysis, surpassing the second official target to be achieved at 31,730, to record its lowest price during the morning trading of the current session at 31,428.
On the technical side, we tend to be negative due to trading stability below the broken support level 31,750, in addition to the negative pressure from the 50-day moving average.
Confirmation of breaking 31,420 will extend Bitcoin’s losses to target 31,285, and slides may extend towards 31,130. Climbing to the upside and rising above 31,750 will stop the bearish scenario and Bitcoin will recover with the aim of retesting 32050.
Risks are high and all scenarios are on the table.
| S1: 31285 | R1: 31750 |
| S2: 31130 | R2: 32055 |
| S3: 30820 | R3: 32210 |
