Market expert Tony Severino Has expressed some concern about the current Bitcoin price campaign on the weekly graph. This is when the flagship Crypto acts below $ 110,000, with predictions that it could continue to fall below the psychological level of $ 100,000.
Bitcoin -Price forms a bearish pattern on weekly graphics
Severino unveiled in a X That the Bitcoin price may be an evening stuff on the weekly graph, something that it is on your guard. He noted that this pattern forms directly at the Bollinger Band Basic LineAt about $ 111,600, during the tightest BB -Squeze in the history of BTC.
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The market expert had previously shown that the Bitcoin Price’s Weekly Bollinger bands are officially the sleekest in the entire history of BTCUSD price promotion. In essence, BTC is currently trading within a tight reach, which indicates low volatility. The corresponding graph of Severino shows that the upper BB is approximately $ 122,000, the base BB is $ 111,600, while the lower BB has $ 101,000.
In the meantime, the evening reducing pattern suggests that the bears take control of Van de Bulls, which means that the Bitcoin price runs the risk of a further downward trend. Because the Bollinger tires are so tight, Severino can be careful with how this can lead to a BTC decline to the lower BB basis. Crypto analyst Bob Loukas confirmed That the bears have control and have indicated that BTC could still fall below $ 100,000.
He noted that the Bitcoin price wants to print its weekly cycle low, although he believed that BTC is holding good despite the current Downtrend. The analyst stated that a meeting of up to $ 118,000 will confirm the beginning A new cycle.
Until then, the bears remain under control. His corresponding graph showed that the Crypto flagship could run the risk of falling below $ 100,000 during this period when the bears are in control. In the long term, however, Loukas still expects the Bitcoin price to meet up to $ 140,000.
BTC has to reclaim $ 116,300
Crypto analyst Ali Martinez also warned That the Bitcoin price must reclaim $ 116,300 or the risk fall to $ 94,334 based on the price tires. He had previously stated that $ 107,200 the Crucial support for Bitcoin. The analyst claimed that a drop below that level of support would bring $ 100,000 or even $ 93,000 into play.
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Meanwhile, Crypto analyst Titan van Crypto noted That the Bitcoin price under the trendline is broken at $ 110,000. He noted that confirmation is still needed and that the lagging wingspan must follow to validate this Bearish movement. However, the analyst is one of those who do not believe that BTC has updated, and notes that the market is in a period of fear and that this is never marked The Cycle Top.
At the time of writing, the Bitcoin price acts according to around $ 109,600, in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Pixabay, graph of TradingView.com