Bitcoin Sell-off Escalation Predicted by Expert 📉
An expert in cryptocurrency trading has forecasted that the current sell-off of Bitcoin (BTC) is likely to intensify in the upcoming weeks. The analyst, Alan Santana, shared this projection on TradingView on August 3, citing historical price trends and technical indicators as indicators of impending market turbulence on the horizon.
The Bitcoin Rollercoaster 🎢
According to Santana, Bitcoin surged above $70,000 on July 29, but the momentum quickly fizzled out. The cryptocurrency failed to sustain this price point for even 15 minutes, dropping below $65,000 shortly after. This rapid decline suggests significant selling pressure at the $70,000 mark.
- Bitcoin’s journey above and below $20,000
- Positive sign: Stability above $20,000 indicates market confidence.
- Negative sign: Inability to hold above $70,000 highlights a bearish trend.
Capitulation Event Looming ⏳
The repeated failure to maintain prices above $70,000 signals an impending market correction. Santana’s analysis points to an upcoming capitulation event expected within the next one to two months. The expert advises caution to avoid losses during this turbulent period.
“I am warning you so that you don’t have to suffer, lose money, like we did many times before in the past when we started “trading” without experience and got locked up after a major rise. The capitulation event is due next. It can happen within 1-2 months, give or take,” the expert stated.
EMA144: A Critical Bitcoin Indicator 📊
A key aspect of Santana’s analysis is the Exponential Moving Average (EMA) at 144 periods (EMA144). This technical indicator has historically served as a significant support and resistance level for Bitcoin’s price movements. Santana highlights the importance of EMA144 in predicting Bitcoin’s future trajectory.
- EMA144 historical significance and current role
- EMA144 as a support and resistance level
- Retesting EMA144 for potential bullish wave
Bitcoin Price Analysis 📈
As of now, Bitcoin is trading at $61,664, with a recent drop of over 4% in the last 24 hours. The weekly trend shows a nearly 10% decline in BTC’s price. The short-term price movement indicates high volatility, and breaching the $60,000 support level could lead to further losses for Bitcoin.
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