.png?v=1)
Yesterday, a trader by the name of Crypto Rover published a YouTube video with his most recent technical analysis for Bitcoin (BTC). He cautioned that a "dangerous" bearish head and shoulders formation has emerged on the 12-hour chart for BTC in the video. This bearish chart pattern, in the trader's opinion, indicates that the price of BTC may decline during the next few days.
According to Crypto Rover, following BTC's price recently made a lower bottom, BTC is currently trading in the downward trend that has been visible on charts with a longer time frame. Therefore, $24K is the trader's downside target for BTC's price. In the event that there is a break to the upside, he also established an upside goal for BTC at about $32.5K.
BTC/USDT 12-hour chart (Source: TradingView)
A confirmation that BTC's price will rocket to $32.5K, according to Crypto Rover, will come when it breaks above the upper boundary of the current consolidation pattern. On the other hand, the price of BTC will fall below the aforementioned $24K level if it breaks below the base of the current head and shoulders pattern.
Finally, Crypto Rover predicted that today's price of BTC will be extremely volatile due to the Federal Open Market Committee (FOMC) meeting that will take place later today. He predicts that the current volatility will last for a few days.
According to CoinMarketCap, BTC was trading at $28,628.56 at the time of publication, up 1.91% in the previous day. During this time, BTC gained 0.21% vs Ethereum (ETH).
Disclaimer: All of the information in this price analysis, including the thoughts and opinions expressed in it, has been supplied in good faith. Readers are required to conduct their own due diligence and research. The reader solely assumes all risk for whatever action they may take. Any direct or indirect loss or damage is not the responsibility of Coin Edition or its affiliates.
The article Trader Warns That BTC Could Fall to $24K appeared first on Coin Edition.
