At a Glance
Crypto analyst Ali Charts said bitcoin could slide toward $60,000 if a key channel support fails.
Bitcoin trades under its 50-day average, and momentum gauges still favor sellers.
The mid-range of his three-day channel is the line that decides whether the bearish setup comes into play.
Crypto analyst Ali Charts has flagged a bearish path for bitcoin. In a post on X, he said a break of one support level could send the coin toward the bottom of a multi-week channel.
The warning lands as bitcoin drifts lower after a soft month, with buyers showing little urgency.
Ali Charts Eyes $60,000 if the $73,000 Floor Gives Way
Ali Charts, a crypto analyst who posts chart studies to a wide following, laid out his view in a post on X on Nov 7. He said bitcoin appears to trade inside a channel on the three-day chart.
His case rests on one level. He sees the mid-range of that channel, near $73,000, as the key support. If bitcoin breaks below it, he said the lower boundary around $60,000 becomes “the next area I’m watching.”
Bitcoin now trades just above that trigger. Reaching the target would take a drop of about 21% from here. Bitcoin has made moves that large within a few weeks before.
If that support holds and price climbs back, the bearish setup loses its footing.
Bitcoin Slips Under Both of Its Key Averages
Bitcoin (BTC) daily price with the nearest support (green) and resistance (red). Source: TradingView
Bitcoin sits right on its 200-day moving average, near $76K, which tracks the long-term trend. When price hovers on top of it, the market has not yet decided which way that trend will break.
The shorter view looks weaker. Price trades below the 50-day average, near $79K, which now acts as a ceiling. Until bitcoin climbs back above it, the recent trend points lower.
Losses have built slowly. Bitcoin lost about 7% over the past 30 days and about 2% over the past week. The last 24 hours were flat. That pattern describes a steady grind rather than a sudden sell-off.
A slow drift like this can last for weeks and leaves the long-term average exposed.
Sellers Still Hold the Upper Hand on Momentum
RSI, a 0 to 100 gauge of momentum, stands at 38 on the daily chart. That reading is weak but still above the oversold zone below 30. In plain terms, sellers have room to push further before the market looks stretched.
Other gauges lean the same way. The MACD sits below its signal line, so momentum is still pointing down. A trend is also starting to form, and sellers are leading it. That fits Ali Charts’ bearish lean, though it does not confirm his target.
Two Floors Stand Between $73,000 and the Target
A break of the trigger would not hand sellers a clear road. The nearest support sits near $65K. A second floor waits just under it, around $63K. Both would need to give way before price could reach the lower edge of his channel.
Buyers have often stepped in at levels like these, and each one could slow a decline.
The upside has its own markers. Resistance stands near $80K, with the next level around $82K. A climb back above both would leave the bearish case looking stale.
What Would Tip the Next Three Days
Two paths stand out over the coming sessions.
Bullish: A daily close above the first resistance line would aim price at the second, higher resistance level. This path fails if bitcoin slips under Ali Charts’ trigger level.
Bearish: A break of the channel’s mid-range support would open the way to the two lower floors, one after the other. This path fails if price recovers above the first resistance line.
The Call Hinges on One Line
Ali Charts’ bearish setup looks plausible, with price under the 50-day line. Still, his trigger has to break before the target comes into view. Signals can turn fast in a trend this young, so readers may want to keep position sizes modest.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
