Analyst: Bitcoin's Historic Breakout Fails to Confirm, May Face About 13%-24% Downside
Technical analyst Katie Stockton, founder of Fairlead Strategies, noted that Bitcoin's failure to hold above $100,000 for more than a few days has left the historic breakout ‘unconfirmed’ and opens up a potentially weaker scenario for Bitcoin in the short-term, stating that short-term bullish momentum is weak and there is a new daily countertrend signal that supports a downside for Bitcoin in the coming weeks. Bullish momentum is weak, and there is a new daily countertrend signal that supports bitcoin consolidating in the coming weeks before continuing its uptrend. The two support levels that investors should be looking at are the 20-day moving average of $97,233 as of Tuesday morning and the 50-day moving average of $85,342, which suggests that bitcoin could see a downside of around 13 percent. If the 50-day moving average also fails, Katie Stockton pointed to $73,800 as the next possible level for bitcoin, which represents a potential downside of about 24 percent.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Bank of Japan's interest rate hike still fails to impress the market! Hedge funds slash yen long positions by nearly 80%, while dollar long positions increase significantly
After the Bank of Japan failed to deliver a clear enough signal of further interest rate hikes to the market, hedge funds have significantly reduced their bullish bets on the yen.
US Treasury yields continue to rise! Cleveland Federal Reserve President: Government and AI compete for funds, fueling rate hike expectations
Cleveland Federal Reserve President Loretta Mester stated on Friday that the recent sustained rise in long-term U.S. Treasury yields is the result of multiple factors working together.
Crypto prices
More
