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Analyst: Bitcoin May Be About to Hit a Major Pullback

Analyst: Bitcoin May Be About to Hit a Major Pullback

Bitget2024/11/17 19:44

Bitget News, crypto analyst Ali tweeted that Bitcoin may be about to suffer a significant pullback! The reasons are as follows:
Cryptocurrency enthusiasts are feeling very greedy, and this greed has spread to retail investors, as evidenced by the huge increase in Google's search interest in Bitcoin.
Meanwhile, savvy BTC investors have realized over $5.42 billion in profits.
From a technical perspective, TD Sequential is issuing a sell signal on the daily BTC chart, while at the same time, the RSI indicator shows that Bitcoin is in overbought territory. The key support levels to watch if a price correction occurs in BTC are $85,800 - $83,250 and $75,520 - $72,880.
Finally, I believe that a sustained daily close above $91,900 will invalidate this bearish outlook and trigger a breakout to $100,680.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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