Technical analysis by eltahhannada_na about Symbol BTC: Sell recommendation (7/4/2024)

BTCUSD Current Price: 58,260 USD Key Levels: •Resistance: 60,000 USD, 62,000 USD •Support: 56,748 USD Technical Indicators: •Stochastic RSI: Overbought •RSI (14): 43.40 (bearish momentum) •CCI (20): 13.82 (neutral) Volume: Increased during price drops, indicating strong selling pressure. Short Position Strategy: Entry Point: Around 60,000 USD (resistance level) •Stop Loss: 60,500 USD (above the resistance) •Target: 56,748 USD (support level) Rationale: •Resistance at 60,000 USD suggests potential for continuation of the downtrend. •Stochastic RSI in overbought territory, indicating a possible pullback. •RSI below 50 confirms bearish momentum.