Bitcoin’s Predicted Price Drop: A Technical Analysis Breakdown
Bitcoin’s recent price drop surprised some traders,but not those who studied the charts. The fall from $108,900 was no accident. It was a well-forecasted event based on earlier technical analysis.
The $108,900 level was a notable resistance point. It included the value area high, a 0.618 Fibonacci retracement, a key swing high, and a bearish order block. This level was a critical juncture, and its rejection was expected. This event shows that technical analysis frequently enough guides market movements.
Here are the key points:
- $108,900 was a major resistance level with multiple bearish signals.
- the price rejection was precise, leading to a sharp sell-off.
- The CME futures gap at $103,700 is now a focus point.
The CME gap isn’t due to low volume but because CME futures don’t trade on weekends. Historically, these gaps are filled over 98% of the time. If Bitcoin fills this gap and consolidates with weak momentum,it could reject and continue the bearish trend.
Bitcoin remains structurally bearish. Without a confirmed higher high or low, caution is advised. Watch for the $103,700 level. If it rejects, another wave of selling may follow. Until the trend shifts bullish, traders should stay cautious.
