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BTC’s Price Is at Risk of Breaking Below a Bearish Chart Pattern

Published 12/02/2023, 10:12
Updated 12/02/2023, 10:15
© Reuters. BTC’s Price Is at Risk of Breaking Below a Bearish Chart Pattern

  • Fire Charts show that weekend whales are exploiting the upside liquidity in BTC’s order books.

  • The price of Bitcoin (BTC) has risen 0.61% over the last 24 hours.

  • A bearish chart pattern on BTC’s 4-hour chart suggests that BTC’s price will drop in the coming hours.

The Twitter user, Material Indicators (@MI_Algos), tweeted this morning that Fire Charts show that crypto weekend whales “seem interested in trying to exploit the upside liquidity in the Bitcoin order book to sell higher.” In the tweet, the Twitter user also stated that he is expecting volatility to continue through Tuesday’s CPI Report.

The crypto market leader’s price has risen 0.61% over the last 24 hours according to CoinMarketCap. At press time, the price of BTC stands at $21,817.43.

4-hour chart for BTC/USDT (Source: TradingView)

There is a bearish descending triangle chart pattern present on BTC’s 4-hour chart, with its base at the $21,500 support level. This bearish chart pattern suggests that BTC’s price may drop below the support level. Should this happen, BTC’s price will likely drop to $20,800.

BTC’s price is currently trading above the 9 EMA line on BTC’s 4…

The post BTC’s Price Is at Risk of Breaking Below a Bearish Chart Pattern appeared first on Coin Edition.

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