Bitcoin Risk of a Major Fall: Plunge to $60K May Be Imminent

Another lower high and lower low means that Bitcoin is on the verge of a fall to lower levels. $60K is the target. The next potential dip would take the $BTC price beneath the bull market trendline. Could this be the beginning of one final capitulation phase for Bitcoin?

Just waiting for the drop

Source: TradingView

As can be seen in the 4-hour time frame chart, the $BTC price is currently resting on the bull market trendline. This is after being rejected at the 200 SMA which has now formed resistance. 

The price has certainly now lost touch with the head and shoulders pattern neckline, which the bulls tried so hard to get above. This means that the pattern is still playing out. If it continues to do so, the full extent of the measured move would bring the $BTC price down to around $60,400.

A small M pattern in the price action and the Stochastic RSI indicators heading down would appear to support a fall from here. It could be that the $62,250 horizontal level provides a bounce, but that may only be to the underside of the bull market trendline to confirm it as resistance.

… Continue reading the full article at the original source below.