Hi Guys,
It's Big & Big #alert About $BTC Crash to 56K Soon !!!!
Is BTC About to Crash Toward $56K or Will the Bulls Step in Soon?
Following a modest bullish rebound from the substantial $59K support level, Bitcoin encountered selling pressure, retracing back to the critical 100-day moving average at $61K.
The price action around this pivotal juncture is likely to dictate its next decisive move.
Technical Analysis
The Daily Chart
A thorough examination of the daily chart reveals Bitcoin’s extended sideways consolidation phase near the pivotal $60K price range. Recently, the cryptocurrency witnessed a decline after a notable bullish rebound from the $59K threshold, leading to a retracement toward a critical support region.
Bitcoin sellers have been grappling with breaching this significant support area, which encompasses the 100-day MA and the 0.618 ($59,395) Fibonacci level, for several weeks.
However, a sudden decline below the critical $59K level could trigger another notable downward movement toward the $56K threshold.
Conversely, this pivotal juncture also holds the potential to halt further downward pressures and provide mid-term support. Thus, the price action around it will be crucial in anticipating Bitcoin’s future movements.
The 4-Hour Chart
Analysis of the 4-hour chart reveals heightened buying
pressure near the critical $58K mark, resulting in a bullish surge toward the $66K threshold. However, increased selling pressure around $66K led to a noticeable downtrend, bringing the price back to the crucial $60K support region.
Presently, sellers are attempting to push the price below the significant $60K support level and the lower boundary of the wedge. If successful, it could signify a more sustained bearish phase, targeting the critical $56K support region.
However, considering the prevailing market sentiment, Bitcoin may continue consolidating or experience slight lower-level declines before gaining sufficient bullish momentum to initiate a fresh upward trend.