Bitcoin Price Analysis

Forming a bearish pattern on the bitcoin chart; The price is likely to fall to $ 54,000


The 4-hour view of the Bitcoin market shows a downtrend, which, if confirmed and the downtrend continues, is likely to fall to the support of $ 54,000.

to the Report Bitcoin Desk is currently trading at around $ 58,800 and has fallen 6% in the last 24 hours.

Although the price fell 4.3 percent yesterday, sellers failed to break the $ 59,800 support of Bitcoin and the confirmation of the neckline break of the Soroshaneh pattern in the 4-hour market view was postponed.

The breaking of the neckline of the Soroshaneh pattern is considered as a downward sign. The formation of this pattern is usually accompanied by increased sales pressure and falling prices.

Forming a bearish pattern on the bitcoin chart;  The price is likely to fall to $ 54,000
Bitcoin price chart (click on the image to see the original size)

Now, however, the price candle has reached below the neckline support of the Soroshaneh pattern in the chart. Confirmation of this failure and continuation of the downtrend may be accompanied by a fall in support to $ 54,000.

If the market rises, the key support is at the level of $ 63,700, and crossing this level can bring bitcoin to new price peaks.

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