Bitcoin Flashes Warning Signs of Potential Correction as Price Drops Below Key Level
• Bitcoin closed below a key Gann 50% resistance level on high volume, flashing a signal that preceded corrections in 2016 and 2019. The next downside target is $37,000.
• Analyst Jason Pizzino warned last week that Bitcoin respected the Gann 50% level in 2016 and 2019 before correcting 70% in 2019. History repeating?
• Pizzino notes Bitcoin may be in a Wyckoff Distribution phase, indicating investors are selling.
• At the time of writing, Bitcoin was trading around $42,600, down 15% from recent highs.
• Pizzino is closely monitoring Bitcoin's price action on lower timeframes for further distribution signals.