Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Analyst: Bitcoin's Historic Breakout Fails to Confirm, May Face About 13%-24% Downside

Analyst: Bitcoin's Historic Breakout Fails to Confirm, May Face About 13%-24% Downside

Bitget2024/12/11 15:20
By:Bitget

Technical analyst Katie Stockton, founder of Fairlead Strategies, noted that Bitcoin's failure to hold above $100,000 for more than a few days has left the historic breakout ‘unconfirmed’ and opens up a potentially weaker scenario for Bitcoin in the short-term, stating that short-term bullish momentum is weak and there is a new daily countertrend signal that supports a downside for Bitcoin in the coming weeks. Bullish momentum is weak, and there is a new daily countertrend signal that supports bitcoin consolidating in the coming weeks before continuing its uptrend. The two support levels that investors should be looking at are the 20-day moving average of $97,233 as of Tuesday morning and the 50-day moving average of $85,342, which suggests that bitcoin could see a downside of around 13 percent. If the 50-day moving average also fails, Katie Stockton pointed to $73,800 as the next possible level for bitcoin, which represents a potential downside of about 24 percent.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New Hampshire and North Dakota Latest U.S. States to Propose Bitcoin Reserves

In New Hampshire, the bill was introduced by Representative Keith Ammon, a Republican from the 40th District.

CryptoNews2025/01/12 21:33

SHIB Price: Up or Down in the Next 30 Days?

Cryptoticker2025/01/12 21:22