Technical analysis by Sgt_jerxxl about Symbol BTC: Sell recommendation (5/18/2024)

Bitcoin has been trading in a range between $60,000 and $70,000. Here are the key scenarios: Bullish Breakout: If the price breaks out above the $71,000 to $73,000 resistance area, it would signal the end of the ranging movement. This breakout could lead to a continuation of the bullish trend. Bearish Breakdown: Conversely, if Bitcoin falls below the $58,000 to $60,000 support area: We might expect a bounce around the $52,000 level or even as low as $47,000.Bitcoin is approaching the resistance level, and a short-term pullback may occur. However, the overall market sentiment remains bullish.