We can see that there is a bearish channel pattern in bitcoin and this is Bitcoin's current position, which is already in a bearish phase. Before there is a breakout of the resistance, the current Bearish will continue to occur.
If you want to invest or trade, it's better to be careful because the potential price towards the $40k level is still possible.
Like the analysis, its spot on
but then again this is based on a 4 hour chart which could mean this anticipated moved is for the short run.
Looking at the daily, weekly and monthly trying to get higher time frame bias in trying to get the charts to agree they are sending a different signal for the long term hence trade cautiously and going back to $40k again this will be depressing for many and personally I would not want price to come this low!!!
Of course we don't expect the bitcoin price to go back to $40k again. However, if the Bitcoin price still doesn't recover from its recent losses and pushes the price higher, it is likely that the bitcoin price will hit the next critical support levels around $42,000, $40,000, and $38,000. However, the market may experience a lot of short-term based trading and a lot of volatility as well as the Relative Strength Index technical indicator prepares to cross into oversold territory.
Bitcoin is currently priced at $49,155 and the next target will probably be $45k and then down to $40k if all this correction will be still be triggered with negative news. I think this Omicron variant also makes the price stay in a negative direction, not just in crypto market alone , but even in other market too. We'll just have to watch the market how far this correction will go and hopefully, we will still end this year more on a bullish season. Even how far the price will drop this correction, as long as bitcoin stays volatile, there will always be chances to skyrocket its price again and end up reaching its new ATH.