Major cryptocurrencies entered positive territory early on November 5 due to the continued existence of a market worth of more than $1 trillion for cryptocurrencies.
After a bullish breakout of the descending triangle pattern on November 5th, bitcoin price showed a bullish trend.
The technical picture indicates that there is still room for more gains for BTC, which is currently up more than 3% to $21,342.
However, bitcoin bulls are being warned by crypto analysts who correctly predicted this year’s crypto bloodbath.
According to pseudonymous crypto analyst Capo, BTC is currently attempting to chase as many bulls as possible.
Bitcoin has reached a price level after recently climbing above $21,000 and investors can take profits and take BTC to new 2022 lows.
“As I’ve said many times, $21,000-$21,500 is hammer zone (distribution zone). Distribution phases are made to trap as many longs as possible while destroying early shorts. This means several pushes into the resistance zone, that strong hands use to keep building their position.”
Bitcoin price to test $14k level,
Based on the chart, analysts believe that a distribution above $21,000 would result in a selloff event that would push bitcoin down to its target price of $14,000, which means a gain of around 34% for the leading cryptocurrency. decline of.
Although Capo has a bearish outlook for Bitcoin, the chart also showed that if BTC is able to rise and consolidate around $23,000, his analysis may not hold true. Prior to shorting Bitcoin, Capo said that he is currently awaiting confirmation signs.
“I am no longer bullish on BTC, but I am not shorting until I see bearish signs (until delivery is complete). Final push to $21,400-$21,500 is possible and you will be here without confirmation of bearishness.” Don’t want to abbreviate.”
