BTC next steps

Traders,

Let's break down the current Bitcoin/USDT chart on Binance, using the Heikin Ashi candles for a clearer trend perspective.

Market Overview:
#btc has been on a downward trajectory since mid-June, with the recent price action showing a sharp decline. We're currently trading at $56,530 as of July 6, 2024.

Trend Analysis:

The long-term uptrend that began in January has clearly lost steam.
We've seen a series of lower highs and lower lows since March, indicating a shift to a bearish mid-term trend.
The recent candles are predominantly red, signaling strong selling pressure.

Key Levels:
Support: Look for potential support around the $54,000-$55,000 range, which aligns with levels last seen in January.
Resistance: The immediate overhead resistance sits at $60,000, with a stronger barrier around $64,000-$65,000.

Targets:
Upside:

Short-term relief rally target: $60,000
IF bullish momentum returns, watch for $65,000
Major resistance and potential reversal zone: $70,000-$72,000

Downside:

Immediate support target: $54,000
If bearish pressure continues, next major support: $50,000
Worst-case scenario in this cycle could see us testing $46,000-$48,000

Recommended trading strategy:

Short-term traders: Look for oversold bounces, but be cautious of the overall bearish trend.
Long-term holders: Consider accumulating on dips if you believe in BTC's fundamentals.
Always use proper risk management. This market is showing high volatility.