Bitcoin price is falling after failed breakout above 72k

Hi everyone,

Bitcoin price failed to break 72000 resistance and fell at around 67000 area.

At this point there could be several scenarios on Bitcoin price action.

First, BTC can stop falling at around 67000 area, find support there and after some time start rising again.

Second scenario is that BTC price falls below 67000 area and drops to 64000 area, find support there and starts its rise from that point.

Third scenario, Bitcoin price drops to 61000-59000 support area and after some consolidation starts rising again to 72000.

I personally think that if BTC price drops below 67000 on daily candle then it will go straight to 61000 support area.

One thing to note is tomorrow's FOMC rate decesion. There could be extreme volatility on the market and rate decesion might change direction of Bitcoin price action.

Please, do not forget to boost this idea & share it with your friends; thanks.

تعليق:

After testing 70k for short period of time BTC price dropped as low as 65k.
So the next stop should be around 64k but, as it was described in this idea, I wouldn't be surprised if price drops in 61k-59k area.
Let's see how it goes.

تعليق:

Bitcoin price dropped to 64k area and slightly recovered after that and is trading above 65k.
This scenario was expected after price plunging below 67k.
Now is the question if BTC price drops to 61k-59k support area which is very likely imo.

تعليق:

Bitcoin price plunged below 64k but manage to recover and currently is trading above that level.
I remind you that the next stop might be at 61k area.
Let's see how it goes.

تعليق:

As was expected Bitcoin price dropped to 61k-59k support area.
Now price should consolidate here and start recovering.

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