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Today, BTCUSD price continued to decline after failing to sustain above the important resistance level. Strong selling pressure pushed the price below $60,000, and it is currently hovering around $59,500. This correction is believed to be the market's reaction to concerns about further tightening of monetary policy from major central banks, especially after recent announcements on inflation and global economic growth.The market is waiting for further moves from major investors, and if this downtrend continues, BTC may retest important support levels below $58,000 in the coming days.On the technical chart, With the trendline break and selling pressure from the resistance zone around $61,510 with the 34.89 exponential moving average (EMA) showing signs of confluence nearby. I expect the technical downtrend to continue and target the nearest H3 levels of 58,083 - 51,131 respectively, after the recovery move that is now taking shape.

Dear Traders,On Impact News:Today's global news shows that the uncertainty from the US-China trade negotiations continues to put pressure on the financial markets. This could lead to strong volatility in the cryptocurrency market, with Bitcoin often seen as a safe haven amid uncertainty.While uncertainty could fuel BTC's growth, investors should carefully monitor the price action at the Neckline and react to global economic news to make appropriate trading decisions.Technical Analysis:Inverse Head and Shoulders Pattern: The current chart shows a complete Inverse Head and Shoulders pattern with the "Neckline" located at the price range of $61,658 - $60,300. This pattern suggests that if the price breaks and closes above the neckline, BTC could enter a new uptrend.EMA 34 Support: The price is currently receiving support from the EMA 34, which is a good sign for the bulls. If the price continues to hold above this EMA and breaks above the “Neckline”, the uptrend could be confirmed.Trend Prediction:With the Inverse Head and Shoulders pattern, if BTC can break and sustain above the Neckline, we could see a strong rally with the first target being the $66,000 area. However, if the price fails to break above this level and turns down, the next important support zone will be around $60,000.activeHey, what do you think about this setup?

BTCUSDT continues to maintain its corrective momentum, with the price breaking through the key support level at 64,000 and entering a strong bearish trend, recording a 0.77% decline on the day. However! It's important to note that a Double Top pattern has formed, which theoretically suggests that the price may break the support neckline at 63,569 and continue to correct further.Notably, the support neckline area at 63,569 is expected to hold for an extended period, as it represents a very strong reaction zone. But! Based on the pattern setup, there is a high probability that we may witness a BREAKOUT - RAPID DECLINE in the near future.Based on the current model and price action, we identify the key areas as follows:Resistance zone: 64,000 - 64,800Support zone: 63,570 - 62,322Given the current market structure and price action, there is a strong likelihood of capturing a significant corrective move in the market.activeBTCUSDT Breaks Out of Neckline, As PredictedAbout 59k