After Bitcoin dived below the $ 7000 level earlier today, coming out of the Rising Wedge, traders now expect the bearish scenario to continue
- Bitcoin falls
- “The lowest at 6600 are an attractive target”
Bitcoin has once again demonstrated its volatility and rebound, falling below the $ 7,000 level. At the time of publication, the flagship crypto is trading at $ 6,927.
Some traders believe this is happening due to the BTC breaking the Rising Wedge bearish model. They expect the downward trend to continue and target $ 6,600.
Meanwhile, the U.S. Federal Reserve has maintained its printing press, which, as many say in the crypto sphere, should be good for Bitcoin. But not for the economy.
Founder and General Manager of Boost VC Accelerator Adam Draper tweeted:
“I feel like the #Bitcoin community has been much quieter than usual considering the fact that the US government has just printed $ 2 trillion. This seems like the perfect time to say “Buy Bitcoin” because this thing that we said would happen … it happened. “
Traders have taken short films about the fall in the BTC. Trader @TheMoonCarl said BTC is finally coming out of Rising Wedge. Earlier, this trader tweeted BTC was likely to drop to $ 4,000.
The trader @LSDinmycoffee follows the same strategy, bypassing Bitcoin. He thinks that unless the BTC reverses quickly, the price drop can be quite significant.
“Shorting the ventilation as suggested was indeed the right decision if you weren’t already short of the top. Profits fell with the biggest chunk at 6950. Only 30% of the position remains. Better to bounce back soon … or 🍄 “
“The lowest at 6600 are an attractive target”
Trader @TraderSmokey expects Bitcoin to drop to $ 6,600, calling this an attractive target level.