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Bitcoin has experienced a retracement from the $66,000 level. However, this does not signify the end of bullish trends for the pioneering cryptocurrency. Currently, Bitcoin is trading approximately 4% below $66,000, positioning its $63,000 level as an attractive target for bulls. Despite this, the ongoing movement of Bitcoin suggests the market might witness a deeper correction, potentially driving the price below the $60,000 mark once again.
Bitcoin Symmetrical Triangle Could Trigger A Retest
Crypto analyst Xanrox has outlined a scenario where Bitcoin prices could decline further. The analyst highlights a previously formed symmetrical triangle on the Bitcoin chart, which emerged after the last decline. The critical point of this symmetrical triangle lies around the $56,000 level, which could act as a significant roadblock for BTC prices.
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According to the analyst, a retest of the symmetrical triangle that brings the price down is not necessarily negative. This scenario can provide traders with another opportunity to enter the market at a favorable price point. Furthermore, Xanrox points out an ascending channel breakdown on the Bitcoin chart, supporting the possibility of a price correction. Considering both the ascending channel and the symmetrical triangle, a fall below $60,000 remains plausible for Bitcoin.
The analyst further explains that the first wave 1 impulse has been completed, indicating a correction phase is underway. By examining the Fibonacci retracement levels, traders are advised to watch the 0.382 level, as well as the 0.5 and 0.618 levels. The first two levels are particularly crucial for making informed trading decisions.
When Is The Right Time To Buy BTC?
For those looking to buy Bitcoin, the crypto analyst suggests that the 0.382 and 0.5 Fibonacci levels are the optimal entry points. Xanrox also mentions an “unfilled FVG (Fair Value Gap)” as a strategic region for acquiring the digital asset. This unfilled FVG currently lies between $60,277 and $61,590. Placing buy orders within this range is advisable, as even a partial fill of this gap could be beneficial.
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“I am currently very bullish on Bitcoin, and if you buy now and sell above $120,000, I would consider it a good trade!” Xanrox concluded. As Bitcoin price loses support at $62,000, it is essential to monitor these levels and trends closely for optimal trading outcomes.
BTC price loses support at $62,000
Featured image created with Dall.E, chart from Tradingview.com
