Technical analysis by Ivan_Olyanskiy about Symbol BTC: Sell recommendation (6/17/2024)

or 4 red - this is a wiring, and active growth should begin. # Analysis of the current situation On the 4-hour time frame, the current BIGREDDOT signal indicates buyer weakness. This may indicate a possible price reduction in the near future. # Support and resistance levels - Support: $66000, $65383 (UpTurquoiseBar level) - Resistance: $67000, $67449 (BIGREDDOT level) # Forecast of BTC price movement relative to the dollar ## Short term forecast: Based on current signals and funding data, the downtrend is likely to continue. The BIGREDDOT signal confirms the weakness of buyers, which may lead to a further decline in prices. ## Mid-term forecast: If the price breaks the support level at $66,000, the next target will be around $65,383. However, if strong reversal signals appear (for example, GreenDot or TurquoiseDot), a recovery to the resistance level in the area of ​​$67,000-$67,449 is possible. ## Probability of movement: - Down: 70% - Up: 30% # Conclusions Current signals indicate a prevailing bearish mood in the market. Funding is also showing neutral readings, which does not support significant growth in the near term. # Recommendations for entering a position 1. Short-term traders may consider opening short positions if the $66,000 support level is broken with a target around $65,383. 2. Medium-term traders should monitor the emergence of strong reversal signals (GreenDot or TurquoiseDot) for possible entry into long positions when a trend reversal is confirmed. ### Conclusion Be attentive to changing market conditions and watch for new signals to adjust your strategy.