Bitcoin has seen retracement from the level of $66,000, but that doesn’t mean the bullish nature of the pioneering cryptocurrency has completely disappeared. It is currently trading around 4% below $66,000, which continues to make the $63,000 level very attractive for bulls. Although, given Bitcoin’s current movement, there could be a deeper correction in the market that could push its price back below $60,000.

Bitcoin’s symmetrical triangle could trigger a retest

Xanrox cryptocurrency analyst has presented a possible scenario in which the price of Bitcoin may decline further. The analyst points to the previous symmetrical triangle that formed on Bitcoin’s chart with the recent decline. This end of this symmetrical triangle is somewhere around $56,000, which could pose a headwind for the BTC price.

However, as the analyst explains, a retest a symmetrical triangle that lowers the price is not entirely a bad thing. This is because the first break out of a formation such as a symmetrical triangle and then its retest often produces a positive result. This is because it gives investors another chance to get a good price.

Moreover, the cryptocurrency analyst indicates that there is a rising channel on the Bitcoin chart that is breaking down. This also lends credence to the fact that the BTC price may still be subject to correction. Given the ascending channel and symmetrical triangle, it is possible that Bitcoin will fall below $60,000 again.

As the cryptanalyst explains, the first impulse of wave 1 has already ended, so a correction is underway. Looking at the Fibonacci retracement, the cryptocurrency analyst is telling traders to look towards the 0.382 level, as well as the 0.5 and 0.618 levels. However, these first two are much more significant.

When is the right time to buy BTC?

When it comes to buying Bitcoincryptocurrency analyst indicates that the best moment to buy is the Fibonacci levels of 0.382 and 0.5. Additionally, Xanrox points to an “unfilled fair value gap” and tells traders that this is the region they want to enter into digital assets.

This unfilled FVG is currently priced between $60,277 and $61,590. Taking this into account, it would be advisable to place buy orders between these levels. A cryptocurrency analyst explains that this Bitcoin gap may not be completely filled, but even a partial filling would be a good thing.

“I’m very bullish on Bitcoin right now, and if you buy now and sell above 120k, I would consider it a good trade!” – said the cryptocurrency analyst in conclusion.

Featured image created with Dall.E, chart from Tradingview.com