Crypto Strategist Issues Bitcoin Warning, Says BTC Could Form Bearish Reversal Structure
A closely followed crypto strategist is warning bitcoin holders, saying BTC could be about to create a bearish reversal pattern.
Pseudonymous analyst Rekt tells his 45,500 YouTube subscribers that for the past two weeks, Bitcoin has confirmed the continuation of the downtrend after failing to clear the resistance around $24,000.
“Now that we’ve seen this confirmed denial and confirmation of continuation of the move lower… it’s very difficult to believe now [the correction] will be over because we have only just confirmed this glitch so it would be a bit premature to say the glitch is over now.”
Source: rect/YouTube
According to the crypto analyst, Bitcoin could bounce around $21,000 only to print a lower high structure. Should BTC follow the script, Rekt says Bitcoin could form a head and shoulders pattern, a technical formation that suggests a trend reversal could be underway as bulls struggle to push prices higher.
“This is a scenario I will monitor should we indeed expect further downside from here. So a bit more downside into the lower $21,000 region… If that actually happens, suspicions will grow.”
Source: rect/YouTube
Rekt says that a breakdown of the head and shoulders pattern could propel Bitcoin for a measured move lower into the $18,000 region, where BTC’s diagonal uptrendline could provide some support.
Source: rect/YouTube
At the time of writing, Bitcoin is trading at $21,817, a fraction of the daily rise.
I
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE-2
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.