This article is available in Spanish.
Bitcoin has seen a retracement of the $66,000 level, but that doesn’t mean the bullishness of the pioneer cryptocurrency has completely disappeared. The price is currently about 4% below $66,000, which still makes the $63,000 level very attractive for bulls. Although, given Bitcoin’s current movement, the market could see a deeper correction from here, pushing the price back below $60,000.
Bitcoin’s symmetrical triangle could trigger a retest
Crypto analyst Xanrox has done just that presented a possible scenario where the Bitcoin price could fall further from here. The analyst points out the previous symmetrical triangle formed on the Bitcoin chart during the last decline. This end of this symmetrical triangle is somewhere around $56,000, which could be a roadblock for the BTC price.
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However, as the analyst explains, a retest of the symmetrical triangle that brings the price back down isn’t entirely a bad thing. This is because an initial break of a pattern such as the symmetrical triangle, and then a retest of it, is often positive. This is because it gives traders another chance to get a good price.
Furthermore, the crypto analyst points out that there is an ascending channel that is being broken off on the Bitcoin chart. This also lends credence to the fact that BTC price could still correct from here. If we take into account the rising channel and the symmetrical triangle, it is possible that Bitcoin will fall below $60,000 again.
As the crypto analyst explains, the initial wave 1 momentum has already completed, so a correction is in the works. Looking at the Fibonacci retracement, the crypto analyst tells traders to look at the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are much more important.
When is the right time to buy BTC?
When it comes down to it Buy Bitcointhe crypto analyst points out that the Fibonacci levels of 0.382 and 0.5 are the best time to buy. Furthermore, Xanrox points to “an unfilled FVG (Fair Value Gap)” and tells traders to get into digital assets within this region.
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Currently, this unfilled FVG is between $60,277 and $61,590. Therefore, it would be advisable to set the buy orders between these levels. The crypto analyst explains that this Bitcoin gap may not be completely filled, but even a partial filling would be a good thing.
“I’m very bullish on Bitcoin right now, and if you buy now and sell above 120,000, I would consider it a good trade!” the crypto analyst said in closing.
Featured image created with Dall.E, chart from Tradingview.com
