The big one is coming!!!
Is Bitcoin about to crash?
Currently, the strength here on the daily chart has weakened. It is important to note that after reaching the previous high,
will there be a false breakout followed by a retraction? Around 70k still has a certain bearish risk-reward ratio.
Moreover, the price of 69k is the peak of the last bull market and an important transition point within the flag pattern that has been in consolidation for half a year.
From a bullish perspective, although there is no sign of decline, it is also not very optimistic about forming the next upward push here; at most, we can only see between 71k-72k.
On the 1-hour chart, after reaching the high, there hasn't been much of a pullback process. Currently, it has broken below last week's consolidation low. Let's see how the short-term strength develops.
If it successfully forms a downward move on the 1-hour chart, it is likely to go down to around 66k. In the short term, we still maintain a bearish outlook.
