$BTC Flush down to $50,000
Bitcoin is likely to flush down to the $50-48k rangeBased on my analysis, I'm anticipating a further correction for Bitcoin, potentially dropping to the $50-48k range in the coming weeks.
Here's why:Price Rejection at Key Resistance: We’ve seen consistent price rejection around the
73K mark, which is a crucial resistance level.
Bitcoin has failed to maintain upward momentum, and the recent candlesticks show a clear hesitation to push higher.
Decreasing Bullish Momentum: The candles over the past few weeks indicate weakening bullish momentum. The market is showing indecision, and we’ve seen multiple wicks testing lower prices. This signals potential further downside.
Support Test Levels: Bitcoin has already tested the lower 56k levels, and if this level is breached with stronger selling pressure, the next significant support lies between $50-48k. Historical price data also shows this range acting as a critical support zone in the past.
Here's why:Price Rejection at Key Resistance: We’ve seen consistent price rejection around the
73K mark, which is a crucial resistance level. Bitcoin has failed to maintain upward momentum, and the recent candlesticks show a clear hesitation to push higher.
Decreasing Bullish Momentum: The candles over the past few weeks indicate weakening bullish momentum. The market is showing indecision, and we’ve seen multiple wicks testing lower prices. This signals potential further downside.
Support Test Levels: Bitcoin has already tested the lower 56k levels, and if this level is breached with stronger selling pressure, the next significant support lies between $50-48k. Historical price data also shows this range acting as a critical support zone in the past.
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