Bitcoin has broke down through an important trend line support level on the 4 hour chart. It is currently in the process of re-testing the line before a continuation down again. It's possible that Bitcoin may gain short-term up to around $100000 before the re-testing is complete. Or it may just start falling like a rock before then.
The trend line was tested multiple times and is a reliable signal of what is to come. This also agrees with my analysis on the weekly chart too. Both charts indicate a potential drop for Bitcoin to around $75000.
Please note: this is a crazy world and anything could happen, but this is my analysis based solely on the chart. I would say the same if it were corn, copper, or whatever else. Be cautious buying Bitcoin anytime soon based solely on hype! As I said above, it could gain short term to re-test the line which is now resistance, but it will probably be short-lived.
The trend line was tested multiple times and is a reliable signal of what is to come. This also agrees with my analysis on the weekly chart too. Both charts indicate a potential drop for Bitcoin to around $75000.
Please note: this is a crazy world and anything could happen, but this is my analysis based solely on the chart. I would say the same if it were corn, copper, or whatever else. Be cautious buying Bitcoin anytime soon based solely on hype! As I said above, it could gain short term to re-test the line which is now resistance, but it will probably be short-lived.
Dagangan aktif
Bitcoin re-tested the line perfectly as expected. Bitcoin should now keep falling down to the $75000 area.Bitcoin is currently $96000. So this means Bitcoin should fall an additional 22% from here.
Nota
Bitcoin has a Head and Shoulders pattern pending on the Daily TF. If the neckline breaks, the target is $76000. This agrees very closely with my 4 Hour chart and the Weekly chart (link is in related publications below). All 3 charts agree with each other and suggest a big fall ahead for Bitcoin to around the same price level.Dagangan ditutup: sasaran tercapai
The Bitcoin target has been reached!
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