Bitcoin (BTC) Price Could Retest Symmetrical Triangle Support Near $56,000, Analyst Says

Crypto analyst Xanrox has presented a possible scenario where the Bitcoin price could decline further from here. The analyst points to the previous symmetrical triangle that had been formed on the Bitcoin chart with the last decline.

Bitcoin price has seen a retracement from the $66,000 level, which could lead to a deeper correction.

Crypto analyst Xanrox has presented a scenario where the BTC price could drop further, with a retest of the symmetrical triangle, which could send the price spiraling below $60,000.

However, this retest could be a good thing, presenting an opportunity for traders to buy Bitcoin at a lower price.

Bitcoin Price Retest Could Trigger A Deeper Correction To $60,000

Prominent crypto analyst Xanrox has taken to Twitter to present a possible scenario for the next movement of the Bitcoin price. According to the analyst, the recent breakout from a symmetrical triangle could lead to a retest of this formation.

The apex of this symmetrical triangle sits at around the $56,000 level, which could act as a support or resistance zone for BTC. If the price does retest this triangle, it could lead to a deeper correction from the current levels.

However, as the analyst points out, a retest of the symmetrical triangle, which would take the price back down, is not necessarily a bad thing. This is because, usually, after a first breakout of a pattern like the symmetrical triangle, a retest of this breakout follows.

Moreover, there is an ascending channel that is being broken down on the Bitcoin chart, which also lends itself to the fact that the BTC price could still correct from here. Taking into account the ascending channel and the apex of the symmetrical triangle, it is possible that Bitcoin falls below $60,000 again.

As the crypto analyst explains, the first wave 1 impulse has already been completed, so a correction is expected. According to the Fibonacci retracement, the crypto analyst tells traders to look toward the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are more important.

When Is The Best Time To Buy Bitcoin?

According to the crypto analyst, the 0.382 and 0.5 Fibonacci levels are the best times to buy Bitcoin, as it pertains to this scenario. Additionally, Xanrox points to “an unfilled FVG (Fair Value Gap)” and tells traders that it is within this region that they want to get in on the digital asset.

Currently, this unfilled FVG is sitting between $60,277 and $61,590. Given this, setting the buy orders between these levels would be optimal.

The crypto analyst explains that this Bitcoin gap may not be filled completely, but even a partial fill would be a good thing.

“I am currently very bullish on Bitcoin, and if you buy now and sell above 120K, I would consider it a good trade!” the crypto analyst said in closing.

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