As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve seen my fair share of market corrections and bull runs. Bitcoin’s recent failure to make a new all-time high and the subsequent correction is not uncommon in a bull market. However, it’s essential to understand the underlying technical patterns to assess the market’s next move.
The price of Bitcoin hasn’t set a new record high recently and is experiencing a downturn instead. However, the bull market for Bitcoin may not have reached its end yet.
Technical Analysis
By TradingRage
The Daily Chart
The daily price chart indicates that Bitcoin has been unable to maintain its position above the $66,000 mark and is now experiencing a correction. This development is concerning because just prior to this, Bitcoin had broken out of a significant downward trendline, only to find difficulty in advancing further, suggesting a potentially misleading price increase.
The relative strength index (RSI) has dipped below the 50% mark again, signaling that the bearish trend has resumed. At present, it appears likely that the price will move towards the $60,000 support area.
The 4-Hour Chart
As a researcher studying the market trends, I’ve noticed that the 4-hour chart presents a more optimistic outlook. The price has been contained within a horizontal trading range, indicating consolidation. Despite a recent downward breakout from this channel, the market has bounced back and is currently trading within its boundaries once again.
As a crypto investor, I can share that if the price re-enters the established channel, I expect the market to challenge the upper boundary of the pattern again, approximately at the $72K mark. But, should the channel give way, a sell-off could ensue, potentially pushing the price down to around $60K.
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2024-06-15 22:02