Technical analysis by SublimeTraders about Symbol BTC on 7/6/2024

Traders, Let's break down the current Bitcoin/USDT chart on Binance, using the Heikin Ashi candles for a clearer trend perspective. Market Overview: #btc has been on a downward trajectory since mid-June, with the recent price action showing a sharp decline. We're currently trading at $56,530 as of July 6, 2024. Trend Analysis: The long-term uptrend that began in January has clearly lost steam. We've seen a series of lower highs and lower lows since March, indicating a shift to a bearish mid-term trend. The recent candles are predominantly red, signaling strong selling pressure. Key Levels: Support: Look for potential support around the $54,000-$55,000 range, which aligns with levels last seen in January. Resistance: The immediate overhead resistance sits at $60,000, with a stronger barrier around $64,000-$65,000. Targets: Upside: Short-term relief rally target: $60,000 IF bullish momentum returns, watch for $65,000 Major resistance and potential reversal zone: $70,000-$72,000 Downside: Immediate support target: $54,000 If bearish pressure continues, next major support: $50,000 Worst-case scenario in this cycle could see us testing $46,000-$48,000 Recommended trading strategy: Short-term traders: Look for oversold bounces, but be cautious of the overall bearish trend. Long-term holders: Consider accumulating on dips if you believe in BTC's fundamentals. Always use proper risk management. This market is showing high volatility.