Bitcoin Faces Downward Pressure: Key Support Zones to Watch in the Coming Week
Welcome back to your weekly Bitcoin market update!
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As we can see that Bitcoin's price is steadily declining. Today, I want to zoom in on the technical picture and highlight crucial support zones that could determine the short-term direction.
Short-Term Support:
- 41,500 - 41,000 USD: This zone encompasses the -2 to -2.5 standard deviation area, often acting as a temporary bounce point during downtrends. Additionally, this zone houses significant sell-side liquidity, potentially triggering buying pressure if challenged.
- 40,750 - 40,200 USD: Another potential support zone, containing two more sell-side liquidity pockets at 40,555 USD and 40,222 USD. A drop below this zone could signal further bearish momentum.
Zooming Out:
On the 4-hour chart, failure to hold these zones could lead to a deeper correction, targeting:
39,000 - 38,000 USD: This zone could offer temporary resistance on a larger descent.
35,500 - 35,000 USD: This lower extreme may act as a significant long-term support level.
Remember:
- Technical analysis is not a crystal ball. Unexpected events or external factors can impact the market significantly.
- Always practice cautious trading and risk management, regardless of your analysis.
Stay tuned for further updates!
Call to Action:
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Disclaimer:
This information is for educational purposes only and should not be considered financial advice.
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