🚨🚨 Bitcoin’s Bearish Trend: Analyzing the Next Move

📅 Key Price Action Breakdown:

• July 29th: Bitcoin ($BTCUSD) hit a relative high at this point, marking a key peak in its price movement.

• September 27th: A lower high formed after two months, signaling a potential reversal and a shift in market momentum.

🔻 Bearish Potential:

• On August 5th, Bitcoin produced a major low. This low marked the beginning of a downward trend, which could lead to another lower low in the upcoming months.

• Lower highs often precede lower lows, and with the current market conditions, Bitcoin could follow this pattern.

📊 Fibonacci Retracement Target:

• Based on the Fibonacci retracement, the next potential target for Bitcoin is $43,800. This level is crucial in determining if the downtrend will continue.

• The support range sits between $44,000 and $40,000—watch these levels carefully as they could play a pivotal role in halting the drop and providing a potential reversal point.

🔍 What to Watch for Moving Forward:

• Lower highs could lead Bitcoin into testing the support range. If the price drops to this zone, it may be an opportunity for a buy setup if the market shows signs of recovery.

• Keep a close eye on price action around the $44,000 to $40,000 support range, as this could dictate Bitcoin’s next big move.

💥 Conclusion:

• The market appears to be in a correction phase, and the Fibonacci retracement and support zones suggest that Bitcoin may experience further downside in the short term.

• Traders should be cautious, as a lower low might be imminent. However, these key levels could also present excellent opportunities for those looking to buy at a discount.

$BTC

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