soolanan
@soolanan
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π΄ Bitcoin's bearish pattern shows a price target of $51,400
π· Despite Bitcoinβs price rally from $75,000 to $86,000 over the past three days, market analyst Cryptododo7 has warned of a bearish pattern forming. According to him, the formation of a bearish flag following a double top pattern indicates the possibility of a deeper price correction.
π· In this analysis, Bitcoin is said to have entered a consolidation phase after falling from $96,000 to $76,000 and is forming a symmetrical triangle in a descending flag pattern. If the price closes below the $74,000 range, the probability of a drop to the support level of $51,400, which coincides with the 200-week moving average, increases.
π· On the other hand, Ali Martinez reported that 56.18% of Binance traders are short. This data is in line with Cryptododo7βs bearish warning and shows that despite the recent rally, a large portion of the market expects Bitcoin to decline. 1 reply
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