Bitcoin price yet again fell into the same deep well below $42K and may continue to plunge to the lower levels in the upcoming days. While the asset’s next move is pretty unsure, then it is expected that the BTC price may hover within the same range-bound position for some more days before it decides to make a larger move irrespective of the direction.
While the asset is swinging within small braces from quite a long time forming minor lower lows and highs, the descending trend is expected to continue forwards.
However, the possibility of a rebond does not completely vanish as the star crypto’s average buying price has reached closer to $30,000.
These are the levels where the institutions hold their share which may be considered as one of the most strongest support levels. Considering the present scenario, the asset is showcasing the possibility of revisiting lower levels as it is stuck within the head & shoulders pattern.
The Bitcoin price with the recent plunge visited the neckline of the pattern and consolidated heavily without breaking through these support levels. The asset preventing more plunge is no doubt a good sign of a notable recovery, yet the mounted selling volume raises some concerns.
However, the initial target for the price is to invalidate the pattern and range high to comfortably above $42K initially and later at $45K.
Collectively, the Bitcoin(BTC) price is showcasing both the possibilities to range on either side of the current price.
While a short term plunge is expected, as soon as the asset hits $38K strong support a massive flip may be expected which may uplift the price towards the next resistance levels very soon.
However, the bears may continue to give a tough fight yet bulls may not remain suppressed all the time
Source: https://coinpedia.org/bitcoin/bitcoin-price-plunges-again-expect-a-range-bound-consolidation-for-the-short-term/