Bitcoin It ended the first quarter of the year on a bearish noteThis red quarter holds some implications for cryptocurrency. Despite calls for a bottom, it appears that the digital asset may be far from actually hitting the bottom. With the start of the new quarter, there is also a possibility that Bitcoin price will end up forming a bearish pattern, and this could mean that the crypto winter could last much longer than expected.
Bitcoin’s bearish close and its effects
Ming cryptoanalyst shown What a bearish close actually means for Bitcoin price. According to the publication, this step shows that The bears are actually to blame And the possibility of a smaller decline is still very much there.
Instead, a cryptocurrency analyst looks at the price of Bitcoin from the Higher Time Frame (HTF), Put the focus on structure of digital assets, as well as the key levels that investors need to monitor. Taking these together, this can indicate the next price direction.
Cryptocurrency analyst says key level is It actually sits at around $58,900. This is interesting because Bitcoin’s price has yet to reach this low since the decline began, making it an untapped monthly low. Therefore, whether the price reaches this level or not will be a big determining factor of where Bitcoin goes next.
What to expect if the bears break the line?
As mentioned earlier, $58,900 is next Important level for BitcoinTherefore, it is necessary for the bulls to hold above this level while the bears try to pull it down. If the price exceeds the $58,900 level, the analyst expects a further decline to appear.
This is because breaking this level will lead to the formation of the Three Black Crows candlestick pattern. This is historically bearish and may result in a bearish candle. Following past performance, this could result in a decline of more than 30%.
However, if the price of Bitcoin remains above this level after crossing it, it will… It will be bullish for the price. The analyst expects the cryptocurrency to end Back to the $71,300-$74,400 level as a result of. But Minga explains, “There is liquidity on the LTF, so there is still one more bearish test of that area before the downtrend continues.”
Featured image from Dall.E, chart from TradingView.com
Editing process Bitcoinist focuses on providing well-researched, accurate, and unbiased content. We adhere to strict sourcing standards, and every page is carefully reviewed by our team of senior technology experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
