Editors News- Bitcoin is up 1.61% in the last 24 hours.
- At $36,271, one level of support might halt the negative trend.
There was a highly bearish setup on the bitcoin price, which had already been violated. BTC seemed to be following a bear flag pattern, a bearish continuation pattern. The price action that produced the flag pole was the 52 percent drop from its all-time high of $69,000 to $32,837.
After this downswing, BTC experienced a standstill period in which it produced a sequence of higher highs and lower lows. Using trend lines to connect these swing points creates an ascending parallel channel called a flag.
Bearish Flag Setup
If the flag’s lower trend line at $40,000 is violated, this technical setup indicates a 46 percent fall. Therefore, the pessimistic objective for Bitcoin is set at $21,584, equal to the height of the flagpole plus the breakout point.
It was rejected during a later rebound rally after Bitcoin’s price suffered a bearish breakthrough on April 23. As a result of this occurrence, the bear flag’s pessimistic perspective has already taken hold. At $36,271, one level of support might halt the negative trend. The setup might be invalidated and early selling trapped if the BTC price bounces off this barrier and returns to the bear flag.
Weekly closing below $36,271 will reinforce the negative picture and lead to an immediate psychological drop below the $30,000 mark. After the market makers have collected the liquidity below the equal lows produced around $29,000, this barrier might function as a stale support level. According to CMC, the Bitcoin price today is $39,713.06 USD with a 24-hour trading volume of $31,931,815,326 USD. Bitcoin is up 1.61% in the last 24 hours.
Source: https://thenewscrypto.com/bitcoin-btc-price-rebounds-despite-heavy-bears-domination/