From TradingView · · 50s
Bitcoin Targets 70,686 as Bearish Trend Continues
Bitcoin price expected to drop to 70,686 USD after failing to hold above 84,000.
In brief
Bitcoin price expected to drop to 70,686 USD after failing to hold above 84,000. Bitcoin is projected to fall to 70,686 USD as it struggles to maintain momentum above 84,000 USD. Originally reported by TradingView.
Bitcoin Trading at 75,606
Bitcoin is currently trading at approximately 75,606 usd on the daily chart.
Bearish Continuation Pattern
Price action completed a pullback toward the upper boundary of the descending parallel channel.
Fibonacci Retracement Zone
Recent minor relief bounce found a ceiling within the 38.20% to 61.80% fibonacci retracement pocket.
Short Entry Zone
Look for short entries on intraday retests into the 75,500, 76,500 usd region.
Take Profit Targets
Take profit 1 at 73,492 usd and take profit 2 at 70,686 usd.
Stop Loss Placement
Place a stop loss above 78,500 usd to invalidate the bearish setup.
The one thing
Bitcoin is projected to fall to 70,686 USD as it struggles to maintain momentum above 84,000 USD.
