Bitcoin Briefing: Your Guide to Market Movements

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Ultra Short-Term Forecast (Next 1-2 Days)

Prediction: Continued Bearish Trend

  • Reasoning:
    • On the 4-hour chart, the price is significantly below both the 9-day and 26-day moving averages, reinforcing the short-term downtrend.
    • High trading volume during the decline indicates strong selling pressure.
    • The recent support level around 58,000 has been breached, with the next key support level around 56,000.
    • Both the MACD and RSI indicators are showing bearish signals and are nearing oversold levels.

Probability: 70% chance of further decline

Prediction: Potential Short-Term Bounce

  • Reasoning:
    • If the current oversold conditions persist, a short-term bounce could occur.
    • Support at the 56,000 level may trigger a temporary rebound.

Probability: 30% chance of a temporary bounce

Factors to Watch in the Coming Days:

  1. Volume: Monitor if selling pressure decreases and buying volume increases.
  2. Support and Resistance Levels: Key support at 56,000 and potential resistance at 60,000 in case of a rebound.
  3. Technical Indicators: Watch for positive signals from MACD and RSI.
  4. External Factors: News, regulatory changes, and movements by major financial institutions can significantly impact the price.
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