Josh Olszewicz, former analyst of investment firm Valkyrie Investments, shared a remarkable technical analysis for Bitcoin (BTC).
Analyst Josh Olszewicz, 29 October dated social media in your post He evaluated the current situation of Bitcoin. of Bitcoin On the 4-hour chart an important flag formation The analyst stated that in a possible breakout 38 thousand dollars He said he would be the first target.
In the internal structure of the Bayrak formation Adam-Eve And reverse shoulder head shoulder Olszewicz stated that there are indicators that such a structure determined not to fall He implied that it was seen in financial instruments:
A high and tight flag is sought here, the exit target will be towards the $38,000 level. There are A&E and iH&S indicators inside the flag. So we have clear evidence that the market refuses to crash.
On the other hand, the analyst sees a change in price Lower Low (LL) He stated that this formation will lose its power if it is seen, that is, if it closes below the lowest level seen in the flag so far. your flag bottom level average $33,200-$33,300 Based on the analyst’s interpretation, there will be a level below these levels. 4 hour closing There is a possibility of triggering a decline.
The analyst also noted that if the lower support of the flag fails to hold the price 31 thousand dollars He emphasized that there may be a retreat towards the level.
According to CoinGecko data, in the last 24 hours 0.1% Bitcoin losing value at the time of writing from $34,230 is being traded.
