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Bitcoin has spent the last seven days trying to have nearly $ 85,000, with a negotiation range between $ 83,200 and $ 86,000. Buy has become positive In the past 24 hours, but an interesting technical analysis of the current price action An imminent drop risk.
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The Crypto Xanrox analyst presented a case of Bitcoin Bitcoin in an analysis on the TradingView platform, arguing that the current falling corner model, often considered as a bull indicator, can actually be a trap calculated by whales. According to his analysis, Bitcoin could crash at $ 67,000 before another strong movement up.
Bitcoin falls by falling which may not be optimistic after all
Xanrox Main arguments centers On the widespread belief that the fall in districts is of bullish reversal schemes. Although this is often true when the corner forms at the start of a trend, the current corner forms at the end of a broader trend, which is a Different scenarios.
The Daily Candlestick chronometer shows the price of bitcoin which moves in a clean corner structure while negotiating well below the medium -sized medium -sized 20, 50, 100 and 200. This configuration, according to Xanrox, portrays the image of a clear trend rather than Configuration for a reversal.
THE The lower perspectives are not almost graphic models; It is also market psychology and liquidity mechanics. Such a configuration is probably used by whales in institutions and banks with enough liquidity to influence prices’ action.
These whales need retail buyers to create enough volume so that they can unload or accumulate positions. By painting the illusion of an escape, they can push the participants to the retail trade in a false feeling of opportunity, only to reverse the market and trigger arrest losses at all levels.
This perspective plays in the growing idea that Bitcoin is becoming more and more an asset among institutions, mainly due to the rise of Bitcoin ETF.
Chart TradingView image: Xanrox
20% price for Bitcoin this week
Xanrox predicted a 20% movement for Bitcoin this week. A move 20% upwards compared to the current range of $ 85,000, Bitcoin would result in $ 100,000 and somewhere somewhere $ 102,000. However, this planned decision of 20% is not an upward decision But a downward movement. In particular, the analyst has identified $ 67,000 because Bitcoin level is most likely to test in the coming weeks.
The price level of $ 67,000 is the main objective if the current corner fails as expected, because it is the main medium by descending if $ 75,000 is broken.
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Even if the 20% planned move does not materialize this new week, there is always the possibility of moving taking place in the coming weeks. The analyst suggests that Bitcoin could try to retest the upper area between $ 108,000 and $ 91,000 before heading lower.
At the time of writing this document, Bitcoin was negotiating $ 84,280.
PEXELS star image, tradingView graphic
