#BTCUSDT Inside a Descending Channel
Updated
🔹Yesterday the crypto market experienced a downturn movement, most of the major coins losing 6% to 10% each. Bitcoin was leading this bearish movement with it's price falling from $65,522 to $60,691, a 6% drop in just 24 hours.
🔸The pair is currently sitting at an important price level where the 200 MA ($61,403), the 0.38 fib level ($60,322) and the $61,454 - $59,350 support meet.
🔹If the price follows the Descending Channel the price can fall below the support and retreat beck to the 0.5 ($56,166) and 0.61 ($52,000) fib levels. It's important to note that this price drop would not change the overall bullish trend and would actually help the bulls for further growth in the future.
🔸On the other hand, if buyers managed to push the price above the resistance line of the channel and to $67,000 it could result in the liquidation of $940 million in short positions and total short liquidations could surpass $1.4 billion if Bitcoin breaks $67,500 which could help the bulls push the price to $70,000, $71,759 and $73,400.
Zanzibar Trading
🔸The pair is currently sitting at an important price level where the 200 MA ($61,403), the 0.38 fib level ($60,322) and the $61,454 - $59,350 support meet.
🔹If the price follows the Descending Channel the price can fall below the support and retreat beck to the 0.5 ($56,166) and 0.61 ($52,000) fib levels. It's important to note that this price drop would not change the overall bullish trend and would actually help the bulls for further growth in the future.
🔸On the other hand, if buyers managed to push the price above the resistance line of the channel and to $67,000 it could result in the liquidation of $940 million in short positions and total short liquidations could surpass $1.4 billion if Bitcoin breaks $67,500 which could help the bulls push the price to $70,000, $71,759 and $73,400.
Zanzibar Trading
Note
BTC stayed true to the Descending Channel, currently at $49,000 below the channel, next levels below this are $46,000 and $41,300
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