Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash

Quick Summary:

Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, encountering repeated rejections as the cryptocurrency pushed toward this level.  RLinda’s analysis noted that this inability to break higher has led to the formation of a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control.  The bearish engulfment pattern, where the latest candle completely engulfs the previous day’s candle, is a strong reversal signal that suggests the upward momentum has exhausted itself.

Failed Push Above $69,000 Marks Bearish Reversal For Bitcoin RLinda’s analysis of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern that is developing on the daily candlestick timeframe.

The current price action aligns with RLinda’s prediction of consolidation below the descending resistance trendline.  In the meantime, the next few days could determine how much Bitcoin closes October (Uptober) in the green zone.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Crypto Bitcoin Btc price Analyst Crypto analyst Bitcoin news Crypto news Btcusd BTCUSDT BTC news Bitcoin price Btc Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-24 @ 00:00:53 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 479 words

Reading Time: 3 minutes read

Sentences: 71 lines

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Copyright Owner: © NewsBTC

News ID: 23218662

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