Bitcoin (BTC) Bulls ‘Under Threat’ as Downtrend Pattern Continues to Form: Expect a ‘High Probability’ Dip to This Price Level
According to TradingView analyst Maximilian_FX, the bullish structure for Bitcoin (BTC) is “under threat” as a downtrend pattern continues to form on the charts.
In a recent analysis, Maximilian_FX highlights that Bitcoin is currently trading around $64,000, testing the 0.618 and 0.5 Fibonacci retracement levels at $64,801 and $65,165 respectively. However, sellers are actively defending these levels, leading to a wave of corrections and sell-offs.
“The price is testing the 0.618 and 0.5 Fibonacci levels equivalent to the $64,801 and $65,165 levels, which are being actively defended by sellers on the basis of a wave of corrections and sell-offs,” the analyst explains.
While a price increase is possible, Maximilian_FX believes it is unlikely to last long when exposed to strong selling pressure around the EMA 34.89 operating zone. The bearish pressure suggests that the bullish structure is under threat, and the market is experiencing a sharp sell-off.
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Show more +“The technical down trend may continue, potential target with high probability at $61,782- $60,306 USD,” the analyst warns. The analyst concludes by asking traders, “And you, what is your goal? Do you expect a wave of correction?”
As the cryptocurrency market continues to exhibit volatility, traders and investors are closely monitoring technical patterns and analyst predictions to navigate the potential market movements.
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