I just saw this news on Binance this morning, and truly for the past few days Bitcoin seems to be depreciating.
On Jan 8 Bitcoin experienced it second-steepest daily decline which has now further lead to market uncertainties.
And according to Binance if Bitcoin closes below $90,000 on the daily chart, analyst warns of a deeper crash . And a confirmed inverse head-and-shoulders pattern could lead to a further 20% drop potentially targeting $71,500.
What are your take on this?
This is simply the result of a technical analysis, binance are using the support and resistance strategy combine with the Shoulder Head Shoulder strategy which yes if bitcoin breaks the support which is at $91k or so and it has been holding strong for a long time now, so a break below it will definitely spike a dump and according to the shoulder head shoulder analysts it is usually in the same percentage as the move from neckline to the head, which is more than 15%
For me do I see this happening I will simply say for now NO because the support at that $91k seems a very strong one and you can see with that immediate bounce off it after every dump to their. But still I think it wouldn’t continue to hold on for so much longer if we don’t break $100k resistance anytime soon and push up continuous rejection of this resistance zone without any positive signs of pump might break this support