BTCUSD made a new all time high to the 73k breaking the previous ATH of 2021 and from the new ATH, we have seen a 12% drop for the price of Bitcoin.If we take a proper look at the price action of #BTC on the weekly time frame(TF), we can notice a double top formation which is a bearish pattern in price action. Also, we can see that Bitcoin is trading at the premium area which is not a nice idea to buy BTC at this point, what we should be expecting from
BTCUSD right now is a 30% drop to the 50k to 45k area for a proper support and for price to fill all the imbalance it left behind before we can start looking for our buy entries. Again if we use our Fib tool taking from the recent high to the 38k level we can see that the 61.8% levels lays perfectly well at the 50k area. From my point of view what am expecting from BTC now is a retest of the 66k to the 67k price levels before we can see a continuation to the downside let pay close attention to this price action in other to save. Indicator wise we can see that the MACD on the weekly time frame is reducing momentum to the down side which is not a good sign for BTC.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.