Hello all. I believe most of us saw that iPhone "stock" just an hour ago was showing bitcoin price at $32,400. However, no other charts indicated this drop.
Can bitcoin actually go down to 32k? Yes and here is how.
Bitcoin currently trades inside a descending wedge pattern. This is a bullish pattern but it is no secret this pattern can break bearish as well.
If we extrapolate a measurement for this pattern, we can get exactly a target of 32k for bitcoin. It is also no surprise, this price target also correspond with Fibonacci retracement level 161% which sits at exactly $32,505.
Something to consider :).
Thanks for reading, and stay tuned. Enjoy.
Can bitcoin actually go down to 32k? Yes and here is how.
Bitcoin currently trades inside a descending wedge pattern. This is a bullish pattern but it is no secret this pattern can break bearish as well.
If we extrapolate a measurement for this pattern, we can get exactly a target of 32k for bitcoin. It is also no surprise, this price target also correspond with Fibonacci retracement level 161% which sits at exactly $32,505.
Something to consider :).
Thanks for reading, and stay tuned. Enjoy.