BTC rebound ended today. An unexpectedly weak rebound, assuming the recent $17,500 was the bottom of the whole decline. The price reached $20,440 max and went down after breaking through the psychologically significant level - $20,000.
Now we can definitely say about the formation of Bearish Pennant . Bearish Pennant is a classic figure of continuation of a strong downtrends. According to this figure, the price should break the wedge down and rapidly decline by approximately the same distance starting from the breakdown point (we don’t see it for now).
Thus, according to technical analysis, the fall could reach $10,621. This is a 43.97% decline from the wedge breakdown
Of course, this is a rough estimate and the bottom could be slightly higher or lower - $11,000 - 9,500.
#BTC #bottom #bearish-pennant
