Crypto Saeed analyst described a lower case for the Bitcoin pricePrying that he could still fall to $ 74,000 as low. The analyst has highlighted the psychological level of $ 85,000 as being the key to knowing if the BTC fell on this target or witness another escape to new heights.
Bitcoin price risks fall to $ 74,000 if it occurs
In a TradingView PostSAEED mentioned a drop at $ 74,000 like its lowering scenario for the Bitcoin price. He explained that if the price fails to break out and decreases instead below $ 80,000, a correction would take place around $ 76,500, even $ 74,000, which would present a back -to -school opportunity for long -term bulls.
The analyst also noted that the Bitcoin price is currently consolidating just below the psychological level of $ 85,000 after a historic bull race which pushed it to new Highs of all time (ATHS). Despite the recent downward trend, Saeed is optimistic that Bull Run is still underway. He said the market is cooling and does not crash, with a price action forming a waterproof flag, often a continuation signal after an upward trend.
However, the lowering scenario is always with potential fall at $ 74,000. Saeed noted that with the slowdown in the momentum and the compression of volatility, traders must prepare for an escape and a major break in the coming days. He said the potential decline in this target is still healthy in the broader trend.
Analyzing the structure of trends, the Crypto analyst has also confirmed that the price of bitcoin remains in a high increased trend. He noted that since the breakdown of $ 69,000, the previous ATH from 2021, the rally has been aggressive and directional, crushing the BTC bears in the process.
SAEED also pointed out that the price of Bitcoin has formed a series of highest and higher highs, respecting a steep upward trend line since early February. However, BTC now wraps up near the peaks, forming a tight range between $ 80,000 and $ 83,500.
Haussier scenario for BTC
Saeed has also described a bullish scenario to Bitcoin price. He said that a daily escape and a closure above $ 85,000 would confirm the continuation model, targeting $ 88,000 first, then $ 90,000. The analyst has added that the volume and structure of the candles will be essential to confirm the movement.
Meanwhile, the Crypto analyst has highlighted Key resistance and support areas be careful. He said the beach between $ 83,000 and $ 85,000 is immediate resistance because this area has repeatedly capped prices during recent sessions. As such, a daily closure above this area could trigger the next leg.
$ 88,000 is another resistance area, although it is in the short term if the BTC had to join. SAEED mentioned the range between $ 90,000 and $ 92,000 as the third resistance zone to monitor. He said this range is a psychological step and a possible magnet for the price of Bitcoin if the bulls burst properly.
SAEED mentioned $ 80,000, $ 76,500 and the beach between $ 72,000 and $ 74,000 as key support areas to monitor. He pointed out that the beach between $ 72,000 and $ 74,000 is the main support and the ideal retest level if the price of Bitcoin corrects, because it is the level where many bulls are probably waiting to buy.
When writing these data from CoinMarketCap.
Istock star image, tradingView.com graphic
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