The B point of the Bearish butterly pattern is at 57143.51 which is 0.786. Therefore, if this formation is to work, a pullback from this level may occur. If this analysis works, there could be a downward breakout of the rising wedge around 51,600. After the re-test of the breakout, BTC may fall as low as 32,036. This point is the C level of the formation.
BTC's new target is around 87,100k after the downtrend breakout, indicated by the red line. This point is also the 1.618 point of the formation. The 87k value is also the upper bound of a trend drawn from the 2019 high and 2021 high peaks.
This analysis is the detailed version of the analysis that I have done in the previous days, which includes the potential bearish butterfly pattern formation.
The stated levels are only estimates. It is not investment advice.
BTC's new target is around 87,100k after the downtrend breakout, indicated by the red line. This point is also the 1.618 point of the formation. The 87k value is also the upper bound of a trend drawn from the 2019 high and 2021 high peaks.
This analysis is the detailed version of the analysis that I have done in the previous days, which includes the potential bearish butterfly pattern formation.
The stated levels are only estimates. It is not investment advice.
