Bitcoin price (BTCUSD) is affected by negative pattern – Forecast today - 08-05-2024

Bitcoin Price (BTCUSD)

Performance Analysis and Outlook for the Next Sessions

Expected Scenario

• Expected decline towards testing 60252.85$ mainly
• Breaching 63145.00$ will stop the decline, leading to potential recovery towards 65390.00$

Bitcoin price (BTCUSD) ended yesterday with clear negativity, starting today with more decline to move below the EMA50, and by taking a deeper look at the chart, we find that the price completed forming a minor head and shoulders pattern that appears in the minor image, to fall under expected negative pressure in the upcoming sessions, targeting testing 60252.85$ mainly.

The bearish bias will be suggested for today, noting that breaching 63145.00$ will stop the expected decline and lead the price to recover again, to head towards visiting 65390.00$ initially.

Expected Trading Range

1. Support: 60250.00$
2. Resistance: 64000.00$

Trend Forecast: Bearish