The market has undergone a notable retracement since March 14, spanning five months and encountering a significant number of sellers along the way. Despite this extended period, the market has demonstrated resilience, with dips consistently being purchased.
Currently, we have reached the next resistance level, denoted by the red line at approximately $65,100. We may experience a minor retracement within the current upwave, leading to a temporary dip.
Eyes on the ascending support level at $62,000, with an additional, stronger support level at $60,000.
Technically, we are still within a downwave that commenced on June 7, which is part of an even larger downwave that began on March 13. As such, we have not yet transitioned into bullish territory.
However, there are indications that the bears may be losing momentum, warranting cautious optimism and close monitoring of market dynamics.
To be continued...
Currently, we have reached the next resistance level, denoted by the red line at approximately $65,100. We may experience a minor retracement within the current upwave, leading to a temporary dip.
Eyes on the ascending support level at $62,000, with an additional, stronger support level at $60,000.
Technically, we are still within a downwave that commenced on June 7, which is part of an even larger downwave that began on March 13. As such, we have not yet transitioned into bullish territory.
However, there are indications that the bears may be losing momentum, warranting cautious optimism and close monitoring of market dynamics.
To be continued...
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