With Bitcoin (BTC) seemingly struggling to breach the $100,000 resistance, technical indicators point to a possible incoming correction.
Indeed, there was general market euphoria after Bitcoin hit a new record high above $99,000. The markets were waiting for the asset to clinch the six-figure valuation, supported by strong fundamentals such as sustained buying pressure and post-election optimism.
Now, Bitcoin is presenting a sell signal based on the TD Sequential indicator on the 12-hour chart, suggesting the asset faces the risk of plunging below the $90,000 mark, according to analysis shared by Ali Martinez on November 23.
In this case, the key Fibonacci retracement levels show potential downside targets at $91,583 or as low as $85,610.
Bitcoin price analysis chart. Source: TradingView/ Ali_charts
However, not everything is gloomy for Bitcoin, as the maiden cryptocurrency has a chance to invalidate this signal. According to the analyst, the bearish signal will fade if
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