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bitcoin has seen a retracement from the $66,000 level, but that does not mean that the optimism of the pioneering cryptocurrency has completely disappeared. It is currently around 4% below $66,000, which still makes its $63,000 level very attractive to bulls. However, given bitcoin's current move, the market could see a deeper correction from here that could see its price fall below $60,000 once again.
bitcoin's Symmetric Triangle Could Prompt Retest
The Xanrox cryptanalyst has bitcoin-Final-test-before-100k-Buy-here/”>presented a possible scenario where the price of bitcoin could fall even further from here. The analyst points out the previous symmetrical triangle that formed on the bitcoin chart with the latest drop. This end of this symmetrical triangle sits around $56,000, which could present an obstacle for the btc price.
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However, as the analyst explains, new evidence of the bitcoin-ready-for-new-all-time-high-but-analyst-says-it-needs-to-clear-this-level-first/” rel=”nofollow”>Symmetrical triangle that lowers the price. It's not all bad. This is because a first breakout of a pattern like the symmetrical triangle and then a retest of it is usually positive. This is because it gives traders another opportunity to get a good price.
Furthermore, the crypto analyst notes that there is an ascending channel breaking down on the bitcoin chart. This also lends credence to the fact that btc price could still correct from here. Taking into account the ascending channel and the symmetrical triangle, then it is possible that bitcoin could fall below $60,000 again.
As the crypto analyst explains, the impulse of the first wave 1 has already completed, so a correction is being prepared. Looking at the Fibonacci retracement, the crypto analyst tells traders to look towards the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are much more important.
When is the right time to buy btc?
when it comes to bitcoin-sths-supply-decreases-by-1-31m-btc-a-sign-of-growing-confidence/” rel=”nofollow”>buying bitcoinsThe crypto analyst points out that the 0.382 and 0.5 Fibonacci levels are the best time to buy. Additionally, Xanrox points out “an uncovered FVG (fair value gap)” and tells traders that it is within this region where they want to participate in the digital asset.
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Currently, this unhedged FVG sits between $60,277 and $61,590. Given this, it would be advisable to establish purchase orders between these levels. The crypto analyst explains that this bitcoin gap may not be completely filled, but even a partial filling would be a good thing.
“I am currently very bullish on bitcoin, and if you buy now and sell above 120K, I would consider it a good trade!” the crypto analyst said in conclusion.
Featured image created with Dall.E, chart from Tradingview.com
