Vince Prince, the TradingView analyst, believes that Bitcoin price is forming a fractal structure and it will fall similar to the decrease in the cryptocurrency’s price in March 2020. On the 25th of June, the cryptocurrency’s price trajectory trod closer to the $9240 mark.
1-Day Bitcoin price analysis (25th June)
Bitcoin Price Chart by Trading View
Bitcoin was priced at $9229.23 US Dollars at the time of writing.
Bitcoin price; what to expect?
The TradingView analyst Alexander Harford is of the opinion that BTC will see a trend reversal soon.
Bitcoin Price Chart by Trading View
On the 4-hour charts, the BTCUSD pair appears to have broken below the uptrend line. The tested the resistance level near $9800 after which it fell towards the $9200 mark.
The cryptocurrency tested the resistance zone on the 22nd of June, and now it appears to fall. The analyst has stated that this decrease in the coin’s price will continue until the trading pair reaches the local support region. The support area can be noted by the moving averages, which are expected to intersect the region and a BTC price bounce may follow.
The local support lies near the $8700 to $8800 trading range.
Bitcoin price movement fractal?
Vince Prince, another crypto analyst, is of the opinion that Bitcoin appears to show a fractal structure.
Bitcoin Price Chart by Trading View
The analyst highlighted a descending channel in which the BTCUSD pair currently appears to be treading. The first three contacts that BTC has made with the upper boundary mark the beginning of the fractal.
To confirm the underlying bearish momentum, the cryptocurrency should break below the descending channel and touch a lower low. A similar pattern was observed in March 2020. BTC price may move back towards the pivot of the descending channel before turning completely bearish. The pivot lies between the $8800 to $9200 mark. After this, Bitcoin will test the next important support levels in the fractal pattern below.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
