Bitcoin price likely to slide lower
This forecast uses a bottom-up approach to analyze Bitcoin price to better suit day traders' needs.
The four-hour chart shows that BTC is producing lower highs since setting up an all-time high (ATH) of $73,794 on March 14. Although the early May rally suggested a comeback from bulls, there might be one last liquidity sweep before Bitcoin kickstarts its uptrend.
In this regard, investors can expect Bitcoin price to continue its slow descent into the 4-hour imbalance, extending from $62,984 to $64,733. Interestingly, the Volume Profile shows that the highest traded volume level sits at $62,948, coinciding with the 4-hour imbalanceâs lower limit. This level is termed Point of Control (POC), making roughly $63,000 a good level to accumulate BTC.
The Relative Strength Index (RSI) signs of a potential bearish divergence developing below the mean level of 50. This outlook adds credence to the lack of bullish momentum on the lower timeframes.
So, investors should be prepared for a 5% to 8% drop in BTC in the next few days.
