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Bitcoin prices fell significantly during the last session’s trading, nullifying the positive outlook, as we expected. we indicated that breaking the 53,800 support level delays the chances of an upside, and will witness a bearish bias that aims to re-test 53,280 to record its lowest level at 52,292, offsetting the long position losses.
On the technical side, trading remains below 53,800, accompanied by the negativity of the stochastic indicator and the negative pressure of the 50-day moving average. It increases the probability of continuing the decline that began yesterday, provided that it breaks 52,290 targeting 51,810, and losses may extend to 50,850.
Trading again above 54,240 leads Bitcoin prices to rise again with a target of 54,720, and then 55,690.
Note: The level of risk is high and not commensurate with the expected return, and all scenarios are on the table.
| S1: 51810 | R1: 54240 |
| S2: 50840 | R2: 55690 |
| S3: 49380 | R3: 56670 |
