MARKET UPDATE ———————
Analysis -
Bitcoin is forming a descending channel which Bullish pattern
A recent downward correction brought the price below $23,250
Potential target levels include $23,500 and $24,000, which could bring bullish momentum.
BTC closed its daily candle red at $22,762.
BTC Support is at $22,700 and $22,200. Resistance is at $23,500 and $24,100.
BTC is consolidating between $22,700 and $23,400. According to the 1-hour timeframe, BTC has tested $22,630 two times and has bounced back. $22,700 is still valid support. 50 MA has acted as resistance around $23,150. However, if $22,700 support were to break then there will be a higher probability of testing towards $22,200 and $21,500. Trade carefully and manage your risk according to support and resistance levels.
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