Bitcoin fell 22%, confirming a range breakdown. The bearish development has chart analysts eyeing deeper support at $13,000 and below. godbole17 reports.
The bitcoin market has recently awakened from a prolonged slumber, putting bears in the driver's seat. That's the message from experts studying chart patterns, who now see a high chance of bitcoin sliding to $14,000 or below.dented investor confidence. The decline marked a downside break of months of horizontal or sideways trading above $18,000, opening doors for a notable sell-off.
Range breakdowns or breakouts usually bring a notable decline or rally. According to technical analysis theory, an asset builds potential energy during consolidation and this energy is unleashed in the direction in which the range is eventually breached. The longer the consolidation, the bigger the energy store and post-breakout/breakdown move. Seasoned traders, therefore, avoid trading against the range breakdown or breakout.
Technical patterns can and often do fail. However, bitcoin's latest range breakdown is likely to bring more pain, as adverse macroeconomic conditions and FTX's collapse are likely to keep investor risk appetite under pressure.
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