Crypto News- Annii, who hosts the Crypto Banter YouTube channel, recently shared her analysis, indicating a possible decline in Bitcoin’s price to $21,700. In her latest video, Annii thoroughly examines Bitcoin’s recent price movements, highlighting its struggle to regain the support levels seen during the previous bull market.
Bitcoin’s Price Could Experience a Dip to 21.7K Dollars, According to Analyst’s Bearish Analysis
In her video presentation, Annii points out the emergence of a bearish pattern on the BTC/USD weekly chart. She underscores the fact that Bitcoin’s price is currently slipping below critical exponential moving averages (EMAs), specifically the 10, 20, 50, 200, and 800 EMAs.
Annii’s analysis using EMAs paints a pessimistic picture, with Bitcoin currently trading below all these EMAs on the weekly chart, despite a relatively bullish start to the year 2023. What’s noteworthy is a distinct pattern that contributes to the overall bearish sentiment: over the past six weeks, Bitcoin has repeatedly tested the convergence zone of these EMAs but has consistently failed to close above them.
With this firmly established bearish sentiment, Annii identifies a bullish candle on the weekly chart that has not yet fully recovered. This particular candle emerged during Bitcoin’s rally in mid-March of this year. However, the ongoing retracement has only managed to recoup approximately 50% of the gains from that bullish surge. As a result, Annii sets a bearish price target at around $21,700 for a potential further price decline. It’s essential to note that a move above the converging EMAs could invalidate this bearish scenario and potentially open the door to higher Bitcoin prices.
At the time of writing, Bitcoin is trading at $26,247, as per TradingView data. Bitcoin’s price has been exhibiting a sideways movement since the end of March, with fluctuations occurring in the range of $24,800 to $31,804.
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