The price of Bitcoin seems poised to resume falling over the next several days. The most substantial piece of evidence is the fact that a major ABCD pattern was just completed below the 61.8 per cent Fibonacci retracement level (as measured against the broader downtrend) at 51252.5. This implies a very probable bearish reversal.
Moreover, the peak of the ABCD pattern took the form of a Shooting Star, which is a type of candle that typically indicates probable bearish reversals. The subsequent candle took the form of a Bearish Engulfing, which confirmed the existence of a very strong bearish pressure in the short term.
The first target level is underpinned by the 38.2 per cent Fibonacci at 42796.4, while the next TP can be found at the 23.6 per cent Fibonacci at 37565.00.
Moreover, the peak of the ABCD pattern took the form of a Shooting Star, which is a type of candle that typically indicates probable bearish reversals. The subsequent candle took the form of a Bearish Engulfing, which confirmed the existence of a very strong bearish pressure in the short term.
The first target level is underpinned by the 38.2 per cent Fibonacci at 42796.4, while the next TP can be found at the 23.6 per cent Fibonacci at 37565.00.
