Bitcoin May Witness a Temporary Downturn

Positive trading dominated the movements of Bitcoin during the previous trading session, explaining that the confirmation of the breach of the resistance level 57,180 facilitates the way to visit 58,165, and then 59,100, recording its highest price of 58,860.

On the technical side, today we may witness a bearish tendency during the coming hours, relying on the negative pressure of the 50-day moving average, in addition to the clear negative signs on the stochastic indicator.

Therefore, we aim to re-test 56,000, a first target that extends to 55,800. From the top, the breakout above the resistance level of 58,150 is able to push Bitcoin prices up to visit 58,860 and may extend to 59,550.

Note: the level of risk is high and not commensurate with the expected return and all scenarios are on the table

S1: 55800	R1: 58145
S2: 54990	R2: 59670
S3: 53460	R3: 60480