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Bitcoin Price Activates Negative Pattern – June 17, 2024 Forecast

by Jennifer

Bitcoin (BTCUSD) Price Analysis

Bitcoin (BTCUSD) is currently trading below the broken neckline of a double top pattern, indicating a bearish trend. The stochastic indicator is showing negative overlap, suggesting that further declines are likely. The initial target is breaking $65,485, which would confirm a move towards the next target of $60,330.

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The bearish trend is expected to continue as long as the price remains below $67,080, emphasizing the importance of holding this level to maintain the downward momentum.

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Expected Trading Range

  • Support: $64,000
  • Resistance: $67,500

Trend Forecast: Bearish

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