Hello all. Looking at Bitcoin on the weekly timeframe, we see that the bitcoin price broke below the ascending line of support and now found support at the 200 week EMA at 25k price. With the weekend ahead and the RSI oversold, the question is whether bitcoin price will remain above 30k or not. Let's discuss.
The price of Bitcoin broke bearish out of the falling wedge and symmetrical triangle pattern, on May 8th. We expected this drop and the link for this TA is attached below.
The top of the falling wedge pattern sits at around $40k range which from the current price is another 38% higher. This price level will also correspond with the 50 week EMA which i belive will play as a key resistance level.
However, a much stronger level of resistance is the $36k which is the long ascending line since May 2021.
In my opinion, the sell off in the market is not done yet and although we see some relief bounce now, there is more drop incoming. At least a retest of the same 25k level if not 20k is very possible. That is another 33% drop from the current price point.
I believe, that the selling pressure will kick in once the price of Bitcoin reaches the fib golden pocket at around $34k-35k range
Thanks for reading, and stay tuned. Enjoy.
The price of Bitcoin broke bearish out of the falling wedge and symmetrical triangle pattern, on May 8th. We expected this drop and the link for this TA is attached below.
The top of the falling wedge pattern sits at around $40k range which from the current price is another 38% higher. This price level will also correspond with the 50 week EMA which i belive will play as a key resistance level.
However, a much stronger level of resistance is the $36k which is the long ascending line since May 2021.
In my opinion, the sell off in the market is not done yet and although we see some relief bounce now, there is more drop incoming. At least a retest of the same 25k level if not 20k is very possible. That is another 33% drop from the current price point.
I believe, that the selling pressure will kick in once the price of Bitcoin reaches the fib golden pocket at around $34k-35k range
Thanks for reading, and stay tuned. Enjoy.
