#BTCUSDT Inside a Descending Channel
🔹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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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.
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.