Skip to content Skip to sidebar Skip to footer

  • BTC/USD at its lowest since May this year crossing below $7,000 USD.
  • BTC perma bull predicts a golden cross formation in the next week or two to start the uptrend.

BTC/USD temporarily drops below $7,100 USD threatening a downward spiral towards lower support in the $6,000 to $5,500 region as market turns massively bearish. The break below the $7,200 support level spells doom for the pioneer cryptocurrency as break below $7,000 USD imminent.

Bitcoin at its lowest since May

BTC/USD is heading for the fifth straight red daily candle as the price plummets below $7,000 for the first time since May. Dropping from a high of $10,500 USD on Oct 25, in what is now referred to as Xi’s pump, to the current $6,597 USD, represents a solid 38% loss.

btcusd

The drop below support at $7,311 USD triggered a bear momentum in the market pushing the price lower but bulls are holding out – just for the moment. A quick glance at the daily candle market reveals a possible sharp drop towards the support level at $6,657 USD if bears continue strengthening their trades in the market.

Bulls remain optimistic despite the downfall

According to one crypto perma bull, Crypto Bull on Twitter, the price will bounce back despite the current difficulties it is facing. In an observation made from the past halving in 2016, Crypto Bull believes the price of BTC is setting up to boost in 2021 similar to the 2017 massive uptrend. Predicting a golden cross between the 50-day and 100-day moving average lines, in the next two weeks, Bull believes BTC in on for a crazy bullish momentum – just as it happened in 2016.

Advertisement



CryptoMarketapp

The price of BTC is trading 64% lower than its all-time highs of $19,800 USD back in December 2017, a close figure to the 62% drop experienced in BTC price, 6 months before the previous halving in 2016. According to Crypto Bull, the current drop in price is common months before the halving making for a case to boost beyond last ATH in 2021.

The relative strength index (RSI) is currently oscillating at oversold levels showing a possible reversal in BTC’s market if a bulls push a close above resistance/support level at $7,300 USD.

Images from TradingView

Summary

'BTC/USD to Form Golden Cross in Next One or Two Weeks’, Perma Bull Says

Article Name

‘BTC/USD to Form Golden Cross in Next One or Two Weeks’, Perma Bull Says

Description

BTC/USD at its lowest since May this year crossing below $7,000 USD.
BTC perma bull, Crypto Bull, predicts a golden cross formation in the next week or two to start the uptrend.

Author

Lujan Odera

Publisher Name

Coingape

Publisher Logo

cryptocoach

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.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram

Lujan Odera , 2019-11-22 15:33:24 ,

Source link

Leave a comment

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

Source link