IS BTCUSDT READY TO MAKE ALL TIME LOW!!!
Bitcoin is the first cryptographic currency, and thus a pioneer that has changed the market forever. It is the most trusted and popular coin of this type, with the largest market capitalization. It is often called digital gold, as well as the currency of the future.
Bitcoin is a decentralized digital currency that can be transferred on the peer –to-peer Bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a block chain. The crypto currency was invented in 2008 by an unknown person or group of people using the name “Satoshi Nakamoto”. The currency began use in 2009, when its implementation was released as open-source software. Bitcoin has been described as an economic bubble by at least eight Nobel Memorial Prize in Economic Sciences recipients. Bitcoin was not the first digital currency proposal, but it was the first crypto currency based on the P2P (Peer –to –Peer) system that achieved any market success. Bitcoin is certainly the leader among crypto currencies, which makes it the most talked about and predictable crypto coin.
The above chart of BTCUSDT is plotted on a weekly time frame with Simple Moving Average (SMA -50). The price of BTCUSDT took multiple support at SMA and made all time high in the year 2021 of USDT 64,854. After making all time high, the prices retraced back and took support at SMA 50 on a weekly chart before making another all time high of USDT 69,000 in the same year 2021. But the prices did not sustain at higher levels (Made double top structure) before breaking the SMA 50 and we got the confirmation in March 2022 about the bearishness in the BTCUSTD and now the price is trading in bearish territory making lower low.
At current scenario, if we see above chart, BTCUSTD made an Head & Shoulder Pattern and broke the neckline. The target for BTCUSTD for Head & Shoulder pattern is at about USDT 291, which is why at the beginning of the analysis we talked about the all time low that is possible on the cards in the near future. However, it may not happen in a week or two.
On a daily time frame the BTCUSDT is in a consolidation phase (see above chart with blue rectangle box). The possible price action movement is shown in blue arrows. If price breaks downside, then it will heads towards the target of USDT 10,758 and USDT 291. If price gives above breakout the possible targets are USDT 25,000 and USDT 28,000 respectively.
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