Analysis and Forecast for the Trading Instrument #Bitcoin Based on Technical Analysis Hello traders, The Bitcoin trading instrument rebounded from the key resistance level of 90,000 at the beginning of the week and showed a decent decline. However, this downward movement came to an end. The price managed to stay below the 87,800 level, which was the low of the previous week. Although it occasionally pierced this level, it continued to trade below it in a relatively messy range. Considering the bearish trend, I expect the price to continue its decline in the near future. Despite appearing to break a descending channel on the hourly chart, I usually do not consider such horizontal intersections significant. Therefore, around the 87,800 level, one can consider opening short positions. However, it would be better to place stops above 90,000, as the price shows quite volatile movements. As for the downside targets for the trading instrument #Bitcoin, the November low is around 80,500. Thus, the price can easily revisit this level and even drop below the key level. The future developments will become clearer later on; it is unlikely that we will establish a new low on the first attempt.
