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Today, we are excited to discuss the potential signals setting up in the stock market based on the current market conditions. As of now, Thursday looks like it will end with an inside day pattern, which can provide valuable insights for traders.
For those looking for bullish signals, keep an eye on a potential rise above today’s high of 64,210. This could indicate a short-term bullish trend and possibly lead to a test of resistance levels. Key resistance levels to watch out for include the 8-Day MA at 64,845 and the 50/20-Day MAs around 67,313.
It’s worth noting that this week’s resistance stood at 66,929, which may once again act as a barrier for further upside movement. On the weekly chart, Bitcoin faced rejection around the longer 8-Week MA, signaling a potential downside correction. The resistance is identified at the week’s high and the 8-Week line, currently at 67,175.
Exploring Downside Potential
For traders anticipating bearish signals, a drop below today’s low of 60,816 could indicate a shift in sentiment towards selling pressure. Further downside could be confirmed with a break below Wednesday’s low of 59,648. The first support zone to watch out for below this level is around 56,159, identified through a 50% retracement of the upswing from the January swing low and the completion of an extended bearish ABCD pattern.
Want to stay updated on all the economic events influencing the market? Check out our economic calendar for the latest updates and insights.
Stay tuned to Extreme Investor Network for more expert analysis, trading tips, and insights into the world of investing. Happy trading!
