0 reply
20 recasts
20 reactions
🔴 Bitcoin's bearish pattern shows a price target of $51,400
🔷 Despite Bitcoin’s 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.
🔷 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.
🔷 On the other hand, Ali Martinez reported that 56.18% of Binance traders are short. This data is in line with Cryptododo7’s bearish warning and shows that despite the recent rally, a large portion of the market expects Bitcoin to decline. 1 reply
0 recast
3 reactions
