Crypto Trader Nicholas Merten Identifies Key Target for Bitcoin
Crypto trader Nicholas Merten explains that Bitcoin must reach a specific level to confirm a bull market. Merten warns his YouTube subscribers that if Bitcoin fails to break above its current trading range, it is likely to experience a significant correction.
The Crucial Price Range
Merten highlights the importance of Bitcoin surpassing the $28,000 to $32,000 range. This price range previously served as support in the last bull market and is now potentially acting as resistance. If Bitcoin fails to break through this resistance level and instead rolls back down, it could indicate a bearish reversal.
Head and Shoulders Pattern
Merten points out the head and shoulders pattern on Bitcoin’s weekly chart, which suggests a bearish reversal. This pattern consists of three peaks, with the middle peak being the “head” and the outer peaks being the “shoulders.” If Bitcoin faces resistance just below $32,000 and breaks below the channel around $25,000, it could present a clear short opportunity.
Bitcoin’s Current Value
As of now, Bitcoin is valued at $27,598.
Hot Take: Bitcoin’s Future Depends on Breaking Through Resistance
In order for Bitcoin to confirm a bull market and avoid a significant correction, it needs to surpass the crucial resistance level between $28,000 and $32,000. Failure to do so may result in a bearish reversal. The presence of a head and shoulders pattern on Bitcoin’s weekly chart further supports this potential reversal. Traders should closely monitor these key levels to make informed decisions regarding their positions in the market.
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