NEWSLETTER
The cryptographic analyst Saeed has outlined a bearish case for the bitcoin pricepredicting that it could still fall to $ 74,000. The analyst highlighted the psychological level of $ 85,000 as a key to whether btc falls to this goal or witness the new maximums.
bitcoin's price risks fall to $ 74,000 if this happens
In <a target="_blank" href="https://www.tradingview.com/chart/BTCUSD/sgV1GRKq-bitcoin-at-83K-Is-This-the-Calm-Before-the-Next-Surge-or-a-Tr/” target=”_blank” rel=”noopener nofollow”>Commercial vision postSaeed mentioned a drop at $ 74,000 as its bearish scenario for the price of bitcoin. He explained that if the price is not broken and, on the other hand, it falls below $ 80,000, a correction would be developed to $ 76,500 or even $ 74,000, which would present an opportunity to re -ental for long -term bulls.
The analyst also pointed out that the price of bitcoin is currently consolidating just below the psychological level of $ 85,000 after a historical career that led him to new maximums of all time (ATHS). Despite the recent bearish trend, Saeed is optimistic that Toro's career is still underway. He said that the market is cooling and does not crash, with a price action forming a high resistance flag, often a continuation signal after an upward trend.
However, the bearish scenario continues with a potential fall to $ 74,000. Saeed commented that with the deceleration of impulse and compressing volatility, merchants must prepare for a large break and breakdown in the next few days. He affirmed that the possible fall for this objective remains healthy in the broader trend.
Analyzing the trend structure, the cryptography analyst also confirmed that the price of bitcoin remains in a strong upward trend. He pointed out that since the breakdown of $ 69,000, the previous 2021 ATH, the rally has been aggressive and directional, overwhelming btc bears in the process.
Saeed also commented that the price of bitcoin has formed a series of higher and higher minimum ups and downs, respecting a strong line of ascending trend since the beginning of February. However, btc is now in bulk near the maximums, forming a tight range between $ 80,000 and $ 83,500.
btc uprising scenario
Saeed also described an upward scenario for bitcoin's price. He said that a break and a daily closure above $ 85,000 would confirm the continuation pattern, directed first $ 88,000 and then $ 90,000. The analyst added that the volume and structure of the candle will be key to confirming the movement.
Meanwhile, the cryptographic analyst highlighted Resistance key and support areas To take into account. He said that the range between $ 83,000 and $ 85,000 is the immediate resistance, since this area has repeatedly limited prices in recent sessions. As such, a daily closure above this area could trigger the next higher leg.
$ 88,000 is another resistance zone, although that is the short term if btc will recover more. Saeed mentioned the range between $ 90,000 and $ 92,000 as the third resistance zone to take into account. He said that this range is a psychological milestone and a possible magnet for the price of bitcoin if the bulls break cleanly.
Saeed mentioned $ 80,000, $ 76,500 and the range between $ 72,000 and $ 74,000 as the key support areas to be taken into account. He commented that the range between $ 72,000 and $ 74,000 is the main support and the ideal new test level if the price of bitcoin is corrected, since this is the level at which many marginalized bulls probably hope to buy.
At the time of writing, the price of bitcoin is quoted at around $ 80,500, almost 2% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” target=”_blank” rel=”noopener nofollow”>data of coinmarketcap.
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