Technical analysis by alibfx about Symbol BTC: Sell recommendation (9/6/2024)

Bitcoin is currently trading within a downward channel at $56,551, with immediate resistance at $59,329. The 50-day EMA at $58,225 and RSI of 41 suggest bearish momentum. If BTC breaks below $55,573, the next supports are $54,000 and $52,138. Watch for a breakout above $57,445, which could change the trend to bullish. For now, the bias remains bearish under the $57,445 pivot.Key Levels to Watch:Resistance: $59,329, $61,192Support: $55,573, $54,000Pivot Point: $57,445Trade Idea:Bearish below $57,445; a breakout above this could trigger a bullish move.