Bitcoin seems to be in danger
Bitcoin, the OG cryptocurrency, appears to be in danger
BTC has been following a parallel channel since October '22. However, after encountering significant resistance at the famous $32,000 level, it experienced a steep decline of approximately 20%. This decline also resulted in the breach of the established parallel channel.
According to conventional technical analysis principles, the price move after the break of the channel should at least be equal to 50% of the width of the parallel channel.
In the current scenario, the parallel channel has a width of around $10,000 and the breakdown occurred at ~$29,000, this analysis implies that BTC could potentially see a downturn toward the $24,000 price range in the foreseeable future.
Do you agree with my assessment, or do you have additional insights to contribute?
#bitcoin #btc #trading #crypto
BTC has been following a parallel channel since October '22. However, after encountering significant resistance at the famous $32,000 level, it experienced a steep decline of approximately 20%. This decline also resulted in the breach of the established parallel channel.
According to conventional technical analysis principles, the price move after the break of the channel should at least be equal to 50% of the width of the parallel channel.
In the current scenario, the parallel channel has a width of around $10,000 and the breakdown occurred at ~$29,000, this analysis implies that BTC could potentially see a downturn toward the $24,000 price range in the foreseeable future.
Do you agree with my assessment, or do you have additional insights to contribute?
#bitcoin #btc #trading #crypto
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