After touching all time high level, Bitcoin price went down very fast. 69K level is great resistance for Bitcoin and It may take time to break up. We have not seen price correction on bitcoin from 38K. Bitcoin needs price correction for longterm bullish trend.
69K to 59K is not a price correction. It was only testing liqudiation. Even It was only for liqudiation, price correction is coming soon when we look at Bitcoin price chart.
Here you can see daily chart of Bitcoin. I can show you why I said lots of reason are on the table. You can see RSI Indicator is blow this chart. There is uptrend line on RSI Indicator and will be broken down in a few days. When it breaks up, Bitcoin price may enter price correction.
MACD Indicator is ready to reverse. It only needs a few price correction.
Fisher Indicator is also same level. It is close to reverse.
These are the triggers for Bitcoin price correction. Bitcoin only need a trigger to start.
When these risks are on the table, It may be hard to break up great resistance.
https://i.imgur.com/VyDJ26j.png
Here you can see possible double top pattern on Bitcoin Price chart. Bitcoin price resisted when It tried to break up to see all time high in 2021. It took a few days to break up. After breaking up all time high, Bitcoin price went up vey fast..
https://i.imgur.com/tkq6zrJ.png
So, March will be decision month for Bitcoin price for correction or go high. Halving is coming soon. I am waiting for price correction..
We will see..
