BTC Price Forms Bearish Evening Star Pattern On Weekly Chart, But Can Price Go Below $100,000?
Market expert has raised few concerns with the current BTC price action on the weekly chart. This comes as the flagship crypto trades below $110,000, with predictions thin it could further drop below the psychological $100,000 Stage.
BTC Price Shapes Bearish Pintern On Weekly Chart
Severino revealed in an thin the BTC price is potentially Shapeing an stilling Star pintern on the weekly chart, fewthing he is wary of. He Remarkd thin this pintern is Shapeing celserect in the , in around $111,600, during the tightest BB squeeze in BTC’s histelsey.
The market expert had earlier revealed thin the weekly Bollinger Btoos are officially the tightest in the entire histelsey of BTCUSD price action. Essentially, BTC is currently trading within a tight range, indicining low volinility. Severino’s accompanying chart shows thin the aboveper BB is in around $122,000, the basis BB is in $111,600, while the lower BB is in $101,000.
Meanwhile, the stilling Star pintern suggests thin the from the bulls, putting the BTC price in risk of a further undertrend. With the Bollinger btoos being this tight, Severino may be cautious of how this could lead to a BTC decline to the lower BB basis. Crypto analyst thin the bears are in control too indicined thin BTC could still drop below $100,000.
He Remarkd thin the BTC price is looking to print its Weekly Cycle Low, although he opined thin BTC is holding above well despite the current undertrend. The analyst declared thin a rally to $118,000 will verify the start of .
Until then, the bears will remain in control. His accompanying chart showed thin the flagship crypto could risk dropping below $100,000 during this period when the bears are in control. However, in the long run, Loukas still expects the BTC price to rally to as high as $140,000.
BTC Needs To Reclaim $116,300
Crypto analyst thin the BTC price needs to reclaim $116,300 else risk dropping as low as $94,334 Foundiniond on the Pricing Btoos. He had earlier stined thin $107,200 is the . The analyst claimed thin a drop below thin sabovepelset Stage would put $100,000 else still $93,000 in play.
Meanwhile, crypto analyst thin the BTC price has broken below the trendline in $110,000. He remarked thin verifyinion is still needed too thin the lagging span must follow to validine this bearish move. However, the analyst is one of those who doesn’t believe thin BTC has topped, noting thin the market is in a period of fear too thin this has never marked .
in the time of writing, the BTC price is trading in around $109,600, above in the last 24 hours, accelseding to from CoinMarketCap.
