Bitcoin (BTC), which was traded at $ 10,849 as of press hour, was above the $ 11,000 resistance 24 hours ago. It is known that the BTC price increased with the expectation of the FED before the FOMC meeting. While many investors hoped the uptrend would continue, a leading technical analyst made the opposite statement.
Vince Prince, known for his charts on TradingView, announced a script he was afraid of in his latest chart. Indicating that the BTC / USD pair has entered the descending channel, the analyst stated that he expects a decrease of close to $ 2,000 in his analysis published on Thursday.
Bitcoin $ 9,000 Traveler
Emphasizing that the price will drop to the $ 9,000 band if it comes to the distribution area within the channel, the analyst also touched on the importance of this place. According to Prince, BTC tried to climb to that level twice, but both attempts failed.
The analyst shows that BTC is doomed to decline as long as it cannot rise above $ 11,500. The analyst states that the continuation of this correction will first drop below the $ 10,200 support, followed by an additional drop towards $ 9,000.
Prince is assertive when such a scenario is not entirely bad news. Stating that if there is a decline of up to $ 9,000, the expert name will enter the accumulation zone and thinks that this will bring a greater increase.
Bitcoin had previously made significant increases after falling to the $ 9,000 band. BTC, which has fallen to the $ 9,000 band 2 times since September 2, then rose to $ 11,100. This keeps investors’ hopes fresh.