Market experts Tony Severino It raised some concerns about the current Bitcoin price action on the weekly chart. This is predicted to be even below the psychological $100,000 level as flagship cryptography is traded below $110,000.
Bitcoin prices form a bearish pattern on weekly charts
Severino was revealed in an xPost Bitcoin prices may form an evening star pattern on their weekly charts. He noted that this pattern was formed correctly. Bollinger Band Basal Linefor around $111,600, during the tightest BB pressure in BTC history.
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Market experts have previously revealed that Bitcoin Price The weekly Bollinger Band is officially the toughest in the entire history of BTCUSD price action. Essentially, BTC is currently trading within a tight range, indicating low volatility. The attached chart for Severino shows that the top BB is around $122,000, the BB is $111,600, and the lower BB is $101,000.
Meanwhile, the evening star pattern suggests that The bear is in control From the Bulls, we put Bitcoin prices even further at risk of downtrends. Because the Bollinger band is this tight, Severino may be cautious about how this could lead to a decline in BTC to a low BB base. Crypto-analyst Bob Lucas confirmed The bears are in control and showed that BTC could still fall below $100,000.
He noted that Bitcoin prices are trying to print lower weekly cycles, but said BTC is holding well despite the current downward trend. Analysts declared that the rally to $118,000 will confirm the start of the A new cycle.
Until then, bears will remain in control. His accompanying chart showed that the flagship code was at risk of falling below $100,000 during this period of bear control. However, in the long run, Loukas expects Bitcoin to be as low as $140,000.
BTC should recover $116,300
Crypto-analyst Ali Martinez also warned. Bitcoin prices should either be regaining $116,300 or lower at a low risk of $94,334 based on price range. He previously said he had $107,200. Important Bitcoin Support. Analysts claimed they would play $100,000 or $93,000 if they were below that support level.
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Meanwhile, Crypto analysts Titan from Crypto pointed out Bitcoin prices are broken at $110,000 below the trendline. He said confirmations are still needed and there must be a delayed span to verify this bearish move. But it’s important to note that analysts are one of those who don’t believe BTC has come to the top, and that the market is in an age of terror and this is never marked Cycle top.
At the time of writing, Bitcoin prices have been trading for around $109,600 over the past 24 hours. data From CoinMarketCap.
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