Technical analysis for $BTC based on the chart:
Current Price: $58,856.90
Resistance: $61,800
Support: $58,000
Analysis:
Bitcoin is currently trading within a defined range, with a strong resistance level at $61,800 and support at $58,000. The price has recently tested the resistance but failed to break through, leading to a pullback towards the lower boundary of the range. This consolidation phase suggests that BTC is gearing up for a decisive move. If the price holds above the $58,000 support, we might see a rebound towards the $61,800 resistance. A breakout above $61,800 could open the door for a further rally, while a break below $58,000 may lead to a deeper correction.
Long Trade: Consider entering above $61,800 with targets at $63,500 and $65,000, and a stop loss at $58,000.
Short Trade: Consider entering below $58,000 with targets at $56,000 and $54,000, and a stop loss at $61,800.
Monitor closely for any breakout or breakdown, as it could set the next major trend for Bitcoin.
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