Renowned crypto trader and analyst, Michael van de Poppe tweeted today that “the markets are still having a regular correction inside an uptrend”. In the tweet, van de Poppe added that as long as the price of Bitcoin (BTC) remains above $22K, then it would be fair to expect the market leader’s price to target $25K again in the coming weeks.
BTC’s price has fallen 2.10% over the last 24 hours according to CoinMarketCap. As a result, the crypto’s price stands at $23,886.03 at press time. Despite the 24-hour drop, the market leader’s weekly performance remains in the green at +0.56%.
4-hour chart for BTC/USDT (Source: TradingView)
Looking at the 4-hour chart for BTC/USDT it could be seen that the price of BTC has dropped below the 9 and 20 EMA lines on the chart. As a result, BTC’s price has entered into a short-term bearish cycle.
The 9 EMA line on the 4-hour chart is positioned bearishly below the 20 EMA line on the 4-hour chart. In addition to this, the RSI line on the 4-hour chart is positioned below the RSI SMA line on the 4-hour chart. These technical indicators suggest that BTC’s price may continue to fall in the next 24-hours.
The downside target for this bearish thesis is the support level at around $23,581.38, which is also the base for the bearish descending chart pattern that has been established on BTC’s 4-hour chart. Should BTC’s price break this level in the next 24 hours, then the next downside target will be $23,300.
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Source: Cryptocurrency - investing.com
