Why I Expect a Decent Pullback in the Crypto Market
Hello, ladies and gentlemen!
Bitcoin has hit a critical level where it initially faced rejections over five times.
Now, if you check the 3-day chart for the BTC-USD pair, you’ll see that it’s been trading within a bull flag pattern since March 2024. (See the example below).
Looking at the chart above, I expected a bullish breakout this past weekend; instead, Bitcoin faced rejection around the $65k-$66k range.
Now, this rejection has brought fear into the market and many believe the bears have regained control.
However, I believe it’s too soon to make that call.
Remember, today marks the first trading day of the week, and the monthly candle closes today.
So, expect a fierce battle for dominance as market forces vie for control. See the chart above.
From the daily BTC-USD chart above, it’s clear the bears are attempting to push the price lower. But let’s see how far they go.
