Bitcoin Price (BTC/USD) Tests Key Resistance – Forecast for August 6, 2024

by Jennifer

Bitcoin (BTC/USD) continues to test the crucial resistance level at $56,160. This resistance represents the broken neckline of a medium-term triple top pattern. As such, remaining below this level suggests that the bearish trend will persist, with potential declines targeting $51,990 and $49,100 as the next support levels.

In the near term, we anticipate negative trading conditions, supported by a clear loss of positive momentum in the stochastic indicator. However, if Bitcoin breaches the $56,160 resistance, it would negate the bearish outlook and potentially drive the price towards $60,326.70.

Advertisements

Expected Trading Range for Today:

Advertisements

Support: $50,000

Resistance: $57,500

Trend Forecast: Bearish

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News