Technical Analysis and Outlook:
In the previous trading session, the Bitcoin market exhibited a modest increase and completed Inner Coin Rally 117700. Consequently, the cryptocurrency is currently experiencing a resumption of the intermediate Primary Down-Trend rebound, with the primary target identified as Mean Support at 114500. Additional support levels are defined at 111500 and 108300, respectively.
Current analysis suggests a slight probability that the Intermediate Primary Rebound could facilitate a retest of the Outer Coin Rally at 124500, via the Key Resistance established at 123500.
However, it is critical to acknowledge that the prevailing Bitcoin market sentiment reflects a continuing downtrend. Whereas upon the conclusion of the Primary Down-Trend, the Outer Coin Dip at 102500, it is anticipated that Bitcoin will resume its upward trend.
In the previous trading session, the Bitcoin market exhibited a modest increase and completed Inner Coin Rally 117700. Consequently, the cryptocurrency is currently experiencing a resumption of the intermediate Primary Down-Trend rebound, with the primary target identified as Mean Support at 114500. Additional support levels are defined at 111500 and 108300, respectively.
Current analysis suggests a slight probability that the Intermediate Primary Rebound could facilitate a retest of the Outer Coin Rally at 124500, via the Key Resistance established at 123500.
However, it is critical to acknowledge that the prevailing Bitcoin market sentiment reflects a continuing downtrend. Whereas upon the conclusion of the Primary Down-Trend, the Outer Coin Dip at 102500, it is anticipated that Bitcoin will resume its upward trend.
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