📉🐻 #bitcoin on alert: possible drop below $100,000 warns bulls.
The price of BTC 📉 experienced a significant setback of more than 4.5% on May 19, falling to the $102,000 zone. This sharp drop, the most pronounced in over a month, occurred in a context of general weakness in risk markets, influenced by Moody's recent downgrade of the U.S. credit rating 🐻.
This movement confirms a previously observed bearish divergence in the relative strength index (RSI), which, in combination with other technical indicators, increases the risk that $BTC will breach the crucial support of $100,000 ⚠️. Analyst Bluntz has advised traders to be cautious with long positions ✋.
Swissblock analysts note that, despite briefly surpassing the resistance between $104,000 and $106,000, #BTC failed to maintain the bullish momentum. The rejection at these levels has brought the price back to a high trading volume zone, with immediate support located between $101,500 and $102,500, which is now under pressure. If this support fails, Swissblock identifies the range of $97,000 to $98,500 as the next downward target, based on on-chain volume analysis and historical trading activity 🎯.
📉The likelihood of this correction has increased after Bitcoin failed to close above the critical level of $107,000, an area that has historically preceded bearish moves 🚫.
However, a bounce from the $91,000 zone towards the neckline of the pattern, around $107,000, could strengthen the prospects for a bullish move towards $150,000 in the future 🚀.
#BinanceAlphaAlert #MyEOSTrade #SaylorBTCPurchase
Do you think the inverse head and shoulders pattern will be confirmed
with a bounce from $91,000?
