Analyst: Bitcoin's historic breakout failed to be confirmed, or faces around 13% correction risk
2024-12-11 14:32:10
Technology analyst fairlead strategies founder katia stockton noteddesk3cryptocurrencydesktopCrypto News
Technical analyst and founder of Fairlead Strategies Katie Stockton noted that Bitcoin's failure to stay above $100,000 for more than a few days left the historic breakout "unconfirmed" and opened up potential weakness in the short term, saying the short-term rally is weak and there is a new daily-level counter-trend signal that supports Bitcoin to consolidate in the coming weeks before continuing its uptrend. Two support levels investors should watch, including the 20-day moving average of $97,233 as of Tuesday morning and the 50-day moving average of $85,342, suggest a potential downside of about 13% for Bitcoin. If the 50-day moving average also falls, Katie Stockton points to $73,800 as the next possible level for Bitcoin, representing a potential downside of around 24%.
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