March 23, 2023

Bitcoin (BTC) faces a crucial support region at $21K after forming a bearish three-drives reversal pattern, according to technical analysis by Shayan. The price has dropped below the neckline, delivering a significantly bearish signal for the short-term outlook. BTC is currently consolidating with very little momentum, and a pullback to the broken neckline is necessary to confirm the change in Bitcoin’s recent bullish trend. If a pullback occurs, the price will potentially enter a mid-term downward stage, returning the fear to the market. BTC’s following support levels are $21K and the 200-day moving average, standing at $19.7K. The 4-hour chart shows that after forming a major swing at $25K, BTC is now trading below the 50-day moving average, indicating a bearish trend. Investors are advised to keep a close eye on BTC’s price movements in the coming days.

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