CandleFocus Bitcoin Nears Support Levels, Is a Big Bullish Rebound on the Horizon?
2024-11-03
Author: Content Editor
Bitcoin recently experienced a price rejection near its all-time high, signaling a potential correction. Analysts predict a WXY or ABC corrective pattern, with a decline in price followed by a rally. The chart suggests a potential drop to support points A and Y at $60,000 and $52,000, respectively. The moving averages indicate a long-term bullish structure. Technical indicators like the RSI suggest neutral momentum and room for correction and growth. Once the correction is complete near point Y, analysts anticipate a rally to a new all-time high above $80,000. Traders may view the correction as an opportunity to accumulate Bitcoin.
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