For some weeks now bitcoin chart pattern has been the head and shoulders which has signify that bitcoin has failed to should it’s support level at $24k. In a YouTube session with a crypto analyst which he says that bitcoin is in the path of creating a bearish reversal pattern, which he is issuing a warning to it’s holders.
With bitcoin continuation of it’s downside movement has it failed to build its resistance at $24k, he said that now that we’ve seen this confirmed rejection and a confirmation in downside continuation… it’s very difficult to now think that [the correction] is going to be over because we’ve only just confirmed this breakdown, so saying that the dip is over right now would be a little bit premature.
If the bitcoin bulls fails to drive the prices higher a trend reversal is underway and he explained with a scenario that I’m going to be watching for should we indeed expect further downside from here. So a little bit more downside into the lower $21,000 region… If that indeed occurs, than that’s going to be growing suspicion.
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