BTC Price Downtrend Continues: Bearish Momentum Dominates – But Relief Rally Possible? (Feb 19 Update)
Source: TradingView
The weekly chart shows the two big legs down so far in the $BTC price. Could there be one more leg down to come? This is obviously looking further out than the potential relief rally that has been mentioned. In the grand scheme of things, in line with previous bear markets, 52% is perhaps not enough of a correction.
If the price comes down to $53,000, the full measured move out of the bear flag, that would be a 58% correction. The next market structure step down from there would be to around $40,000, and a 66% reversal. This is more within the realm of previous bear markets.
And then, to be completely unified with what has happened in bear market history, a total rout down to $30,000 would put the total correction at 75%. One of these aforementioned targets could be the one – which might it be?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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