Bitcoin (BTC) has been on a wild ride in recent months, with the price ranging from a high of $69,000 in November 2021 to a low of $17,500 in June 2022.
In a recent video, technical analyst Nick discussed Bitcoin’s recent price action and provided technical analysis for various time frames.
Nick noted that Bitcoin is currently in a volatile market. The price has been moving sideways on the one-hour chart, and it is possible that Bitcoin could be in the process of forming an irregular flat correction.
An irregular flat correction is a type of correction that does not follow the traditional Fibonacci retracement levels. This type of correction can be more prolonged and volatile than a traditional correction.
Nick also discussed potential price targets for Bitcoin. The analyst believes that Bitcoin could reach a price of $25,000 if the correction continues. However, the analyst also noted that there is a risk of Bitcoin falling to $15,000 if the correction deepens.
The analyst also mentioned the concept of a death cross on the daily time frame. A death cross occurs when the 50-day moving average crosses below the 200-day moving average. This is a bearish signal, and it could indicate that Bitcoin is in a long-term downtrend.
However, the analyst pointed out that the weekly 200 EMA is still a strong support level for Bitcoin. If Bitcoin falls below this level, it could signal a further decline in the price.
Overall, the analyst expressed caution regarding the market’s short-term and medium-term prospects. He recommends that traders be prepared for volatility and that they diversify their exchange accounts to minimize risk.
Here are some additional things to consider when trading Bitcoin:
- Bitcoin is a volatile cryptocurrency, so be prepared for sharp price swings.
- Do not invest more than you can afford to lose.
- Diversify your portfolio by investing in other cryptocurrencies as well.
- Always do your own research before investing in any cryptocurrency.
I hope this article has helped you to understand the recent volatility in Bitcoin and the potential for an irregular flat correction. Please remember that this is not financial advice and that you should always do your own research before investing in any cryptocurrency.