Analysts from crypto asset manager Valkyrie Investments have indicated that an OBO formation has formed on the Bitcoin (BTC) chart, giving the price zone for a possible drop.
Valkyrie analysts say Bitcoin daily pointed out the Shoulder-Head-Shoulder (OBO) formation, which draws attention in its chart. Analysts suggest that such a formation could create pullbacks on the price, but this pullback liquidity cleaning They underlined that it could be for the purpose.
27,300 under a dollar daily closing It is stated that it will confirm this decrease. drop as an estimate for 24 thousand dollar level. On the other hand, daily MA50 The moving average still remains for Bitcoin. support takes on the task.
While the higher timeframe trend measures remain strongly bullish, the OBO pattern has emerged on a daily basis. If the price seeks to confirm below the neckline, it will take us to the $24,000 band.
On the other hand, in this analysis presented, the point we are in is Silicon Valley Bank (SVB) after bankruptcy your $20,000 It was likened to a correction move under gold. According to analysts 24 thousand dollars at the level liquidity of cleanliness then, if the price can hold at that position, a more serious rise can be observed in the coming days.
Although such formations can be easily disrupted by the news flow and macroeconomic developments in the market, OBO outlooks are generally accepted as the beginning of a decline. According to CoinGecko data, in the last 24 hours 1.4% Bitcoin, which has a bullish performance, at the time of writing from $29,200 is being traded.
