Bitcoin price (BTCUSD) keeps achieving the negative targets – Forecast today – 05-07-2024

Expected Scenario

• Bitcoin price (BTCUSD) begins today with strong decline to succeed achieving our waited target at 56160.00$, and we notice that the price breaks this level to confirm the continuation of the bearish trend domination on the intraday and short term basis, opening the way to achieve additional negative targets that reach 51990.00$ as a next station.
• By taking a deeper look at the chart, we find that the price completes double top pattern now that might push the price to suffer more losses on the longer-term basis, which extend to 44650.00$ followed by 40950.00$ areas, taking into consideration that failing to consolidate below 56160.00$ might push the price to start recovery attempts and build bullish wave that targets testing 60330.00$ areas initially.

Expected Trading Range

Between 52000.00$ support and 57000.00$ resistance.