Bitcoin Tends to be Negative

Negative trading dominated Bitcoin’s prices within the expected bearish context, through which we aimed to re-test 62,430, recording its lowest level at 59,920.

On the technical side, the pressure coming from the 50-day moving average supports the possibility of a reversal, on the other hand, signs of a positive crossover on the stochastic indicator increase the probability of a return to the upside.

With the conflict of technical signals, we will stand on the fence in order to maintain the profitability rates that were achieved during the previous analysis, in order to be in front of one of the following scenarios:

Continuing the bearish correctional trend depends on breaking 60,090, and from here the path will be open directly towards 58,530. Confirmation of breaching 63,050 strengthens the chances of a return to the upside with the initial target of 64,430.

Note: The level of risk is high and all scenarios are presented.

S1: 60090	R1: 63050
S2: 58530	R2: 64430
S3: 57140	R3: 66000