CNBC host Jim Cramer was in the news recently after he advised investors to be “patient” with Bitcoin’s price as more bearishness lay ahead for the market leader.
As BTC moved south from the upper trendline of the pattern, its next dip would likely drag the digital asset back to the strong defensive zone between $30-33K – A region that cushioned BTC’s gradual decline from $65,000.
On the other hand, a breakdown could trigger another 20% retracement as little to no defensive lines lay between BTC’s descent towards its mid-December highs of $24,000.
The Relative Strength Index has been on a downtrend since January, an indication of weakness despite a prior bull market.
Moreover, the Awesome Oscillator formed three lower peaks as bullish momentum was on the up.
A bounce back from $30-33K could result in a descending channel breakout – Something that would see BTC head back towards the $42K mark.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.