Cryptocurrency analyst and trader Justin Bennett warns that Bitcoin (BTC) runs the risk of correcting percentage points with double digits if an important level of support is crumbling.
In a new strategy session, Bennett tells 63,300 Subscribers of the Daily Price Action YouTube channel that shows Bitcoin signs of a potential bearish reversal.
According to Bennett, the support is “level to look” for Bitcoin $ 106,000.
How low Bitcoin could be if the support level of $ 106,000 breaks, says Bennett,
“As for the goals, if we get that confirmed demolition … … we have this bag here that looks attractive. Now we have these lows of around $ 101,000. That can be a first target …
… if we get that reversal, I think we will probably see the market coming to $ 100,000 here and just below to tag this area and fill that imbalance …
… So if the market becomes less than $ 106,000, you have to look at it in a successive order, which means that you first look at these lows. First goal below, second goal below, about $ 97,000 or so. And then potentially a third target below around $ 92,000. So that’s how I look at this here, if we get that persistent break below $ 106,000. “
According to Bennett, Bitcoin’s Outlook Bullish could be if it is approaching the high levels of all time.
“When we see the Marktrally from here [around $106,500]Get this level out [above $109,000]Start closing here and press this level, then that would invalidate any idea of a breakdown. If the market wins $ 110,000 on the daily map, then that would make that movement less invalid … “
Bitcoin acts at $ 107,560 at the time of writing, about 4% below the all time of just under $ 112,000.
https://www.youtube.com/watch?v=0FWS60AGRXY
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