Bitcoin (BTC) offset most of the panic selling based on the Russian invasion of Ukraine in the first days of March. The losses since the March 2 local high of $45,077 are forcing analysts to find out how deep the decline can go. Twitter’s Rekt Capital mentioned that the bullish momentum can be preserved, while pointing to a very critical level of $ 38 thousand in the latest Bitcoin analysis. We have compiled the current posts of the analyst for Kriptokoin.com readers.
How low can Bitcoin go? Is the upward momentum weakening?
Despite its recent decline, a recognized crypto analyst believes that the leading crypto Bitcoin (BTC) can maintain its positive momentum. According to the strategist nicknamed Rekt Capital, the failure of Bitcoin bulls to hold the $43,000 zone puts the leading cryptocurrency in a position to revisit its cross support on the weekly timeframe. The analyst interprets the following technical chart as follows:
When BTC completed its weekly close below the $43,100 resistance the previous time, the price rejected the $38,000 band for a retest. BTC could position itself for a similar price trend with a weekly close of $43,100.
Weekly close will be decisive
At the time of writing, Bitcoin is down 1.5% on the day, 2% from $38,549 and a seven-day high of $45,077.58. It was trading down 73 percent. According to the expert, Bitcoin is currently trading inside a symmetrical triangle, which will eventually lead to dramatic price swings as the pattern narrows. Rekt Capital continues:
If BTC closes weekly below the $40,700 zone to confirm this as resistance, we could see continued consolidation towards the top of the triangle. In both scenarios, price compression will precede volatility and volatility will precede price compression.
Bitcoin may continue its downward momentum
According to Rekt Capital, Bitcoin could continue to drop but still be positive as long as it stays above a key level. He points to a very close level as the critical resistance level to the analyst:
BTC could drop as low as $38,000 while maintaining its bullish stance.
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