Analyst Warns Falling Wedge Is A Whales’ Trap That Could Drag Price To $67,000
The post Analyst Warns Falling Wedge Is A Whales’ Trap That Could Drag Price To $67,000 appeared on BitcoinEthereumNews.com.
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk. Related Reading Crypto analyst Xanrox laid out a bearish case for Bitcoin in an analysis on the TradingView platform, arguing that the ongoing falling wedge pattern, often seen as a bullish indicator, may actually be a calculated trap set by whales. According to his analysis, Bitcoin could crash to $67,000 before another strong move upwards. Bitcoin’s Falling Wedge That Might Not Be Bullish After All Xanrox’s main argument centers on the widespread belief that falling wedges are bullish reversal patterns. Although this is often true when the wedge forms at the start of a trend, the current wedge is forming at the end of a broader trend, which is a different scenario altogether. The daily candlestick timeframe chart shows the Bitcoin price moving inside a clean wedge structure while trading well below the 20, 50, 100, and 200 daily moving averages. This setup, according to Xanrox, paints the picture of a clear downtrend rather than a setup for a reversal. The bearish outlook is not just about chart patterns; it’s also about market psychology and the mechanics of liquidity. Such a setup is likely being exploited by whales in institutions and banks with…
Filed under: News - @ April 20, 2025 9:17 pm