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BTC.X: Crypto Market Faces Potential Major Downturn

We are currently on high alert as Bitcoin tests the trend line from its recent recovery. While we hope this trend line will hold, leading to a rebound, we are prepared for significant concerns if it breaks. Should the trend line break and Bitcoin falls below the 0.38 Fibonacci retracement level, we could see a further decline alongside the US market amid political uncertainty.

The key support level to watch is around $60,000. Any fall below this could push Bitcoin down to approximately $40,000 by the US election. Despite the recent downtrend, the volume has been decreasing, providing some relief. However, if we see an increase in selling pressure, we may need to adjust our positions accordingly and consider shorting the market until November 2024.

Several indicators are crucial for monitoring this situation. The RSI, currently around 61.39, suggests bullish momentum, but any move below 50 could indicate increased bearish pressure. Additionally, the MACD is showing bearish momentum on the weekly timeframe, which warrants caution.

Overall, we are closely watching these technical indicators and market trends to make informed decisions. We aim to position ourselves appropriately based on how these factors evolve leading up to the US election

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failed to break out. Now following the US market toward 60k. Last hope is FOMC meeting.

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Bitcoin is struggling with breaking out. Breaking below 63k could put higher pressure on the crypto market for a larger correction.

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Correction continues to progress. Soon should drop below 60k. Crypto diehard fans are still in denial.

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crypto falling hard again. The disbelief going around the crypto market is going to send huge shockwaves.

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