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Bitcoin [BTC] price seems to have found the mid-range for traders as bulls and bears play tug of war. BTC is currently ranging between $7700 and $7400. While $7500 forms a strong level of psychological support as well, the market set-up suggests volatility.

Bitcoin’s [BTC] price broke above another bullish set-up achieving 50% of the target. The upside to the bull flag is potentially above $8000. However, in the following hours, the short orders retested the neckline to the downside.

Moreover, the extension of the flag from the post is starting to invalidate the bullish scenario to a bearish descending flag with targets around $7150.  Nevertheless, the break above head and shoulders pattern is still intact with a target north of $8000.

btcusd
BTC/USD 1-hour Chart on Bitstamp (TradingView)

Furthermore, on the four-hour chart, the price is back to testing the flag formation. The resistance and support levels are at $7650 and $7450.

The price of Bitcoin [BTC] at 3: 45 hours UTC on 29th November 2019 is $7503.

btcusd four hour
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

On longer timescales, the close of this week and month towards the weekend will be instrumental in establishing the trend for December. According to crypto chart analyst, Don Alt,

$BTC 4 weeks of selling followed by 1 week of bounce isn’t necessarily as bullish as the small timeframes make it out to be. For reference, this green candle “only” reclaimed 50% of the previous one. I

‘I personally not looking to rush into a long position just yet.

btcusd weekly
BTC/USD Weekly Chart Analysis (Source: Twitter)

Hence, analysts and traders seem skeptic about a bullish move ahead. Moreover, market sentiments usually shift drastically with Bitcoin due to its extreme volatility.

As mentioned earlier on CoinGape, leading crypto and financial analyst, Mati Greenspan, notes that the 53% pullback from $14,000 is quite consistent with the previous bull markets.

However, previous pullbacks in a bull market were primarily in the range between 40-50%. While 6,800 the low of this trend is likely to hold for bullish continuation, an invalidation could lead the markets into strong bearish territory.

Do you think the bulls are stronger than the bears at the moment? Please share your views with us.

Summary

Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate

Article Name

Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate

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Bitcoin [BTC] price seems to have found the mid-range for traders as bulls and bears play tug of war. BTC is currently ranging between $7700 and $7400. While $7500 forms a strong level of psychological support as well, the market set-up suggests volatility.  

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Nivesh Rustgi

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Nivesh Rustgi , 2019-11-29 05:47:20 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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