CandleFocus Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash
2024-10-24
Author: Content Editor
The Bitcoin price is showing bearish signals after failing to break past critical resistance levels. Analyst RLinda suggests that Bitcoin could reverse its gains and correct heavily due to the formation of a bearish engulfing pattern. The inability to break higher and the formation of this pattern indicate that sellers may be regaining control. The recent rally, which seemed like a breakout, is now seen as a false breakout from a descending resistance trendline. RLinda predicts a potential correction with targets set at $65,000, $61,000, $58,000, and possibly as low as $57,000. However, this bearish outlook could be invalidated if Bitcoin manages to break above $69,400. The current price is trading at $66,670, aligning with the prediction of consolidation below the descending resistance trendline. The next few days will determine Bitcoin's performance for October.
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