Analysts warn that wedge drop is a whale trap that can drag the price to $67,000
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Bitcoin has tried to hold nearly $85,000 for the past seven days, with trading ranging from $83,200 to $86,000. Purchase momentum Turned into a positive attitude In the past 24 hours, but interesting technical analysis of current price action points to Imminent downside risk.
Related Readings
Crypto analyst Xanrox proposed a bearish case in his analysis of the trading landscape platform, believing that the ongoing downward wedge pattern is often seen as a bullish indicator, which may actually be a calculated trap set by the whale. According to his analysis, Bitcoin could crash to $67,000 before moving upwards further.
Bitcoin’s decline wedge may not be optimistic after all
xanrox’s Main argument center It is widely believed that the sloping wedge is a bullish reversal pattern. Although this is usually correct when the wedge forms a wedge at the beginning of the trend, the current wedge forms at the end of the broader trend, which is a A completely different situation.
The Daily Candlestick Time Range Chart shows Bitcoin price moving inside a clean wedge structure while trading well below the daily moving averages of 20, 50, 100 and 200. According to Xanrox, this setting depicts a clear picture of the downward trend, rather than Reversed settings.
this The bearish outlook is not Almost a chart pattern; this is also related to market psychology and liquidity mechanisms. This setup is likely to be exploited by whales in institutions and banks that have sufficient liquidity to influence price action.
These whales require retail buyers to create enough volume to allow them to unload or accumulate positions. By drawing groundbreaking fantasies, they can push retail participants to a false sense of opportunity, just reverse the market and trigger stop loss across the board.
This prospect involves an increasing concept that Bitcoin is increasingly becoming an asset in institutions, mainly due to the rise of spot Bitcoin ETFs.
chart Image from TradingView: Xanrox
Bitcoin’s price shifted 20% this week
Xanrox predicts that Bitcoin’s shares will be 20% this week. A 20% upside space from the current $85,000 range will bring Bitcoin transactions back to $100,000, about $102,000. However, this expects 20% of movement is not rising movement But the downward move. In particular, analysts identified $67,000 as the most likely test for Bitcoin in the next few weeks.
If the current wedge meets the expected situation, the price level is $67,000, which is the main goal, as if $75,000 is damaged, this is the main support for the decline.
Related Readings
Even if the predicted 20% downward movement fails to achieve this new week, it is still possible It will take place in the next few weeks. Analysts suggest Bitcoin may attempt to retest the upper zone at a lower rate of $108,000 to $91,000.
At the time of writing, Bitcoin trades at $84,280.
Featured images from Pexels, charts for TradingView
