News Bitcoin Price Headed Back to $2,000 After Failed Recovery...

Bitcoin Price Headed Back to $2,000 After Failed Recovery Attempt


- Advertisment -

Bitcoin Price Headed Back to $2,000 After Failed Recovery Attempt

Bitcoin Price Headed Back to $2,000 After Failed Recovery Attempt

Hope does not seem to be in the bitcoin price charts this week. After failing to complete a reversal formation to the upside, technical indicators now show the price heading to $2,000 USD.

Also read: Five New Year’s Resolutions to Improve Your Crypto Life in 2019

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

The bitcoin price market remains immersed in a fragile psychological scenario, backed by nothing but wishful thinking and an imaginary support level at $3,000.

Since the upward swing we saw in the last week failed to turn into a strong recovery, we can consider it a dead cat bounce. Therefore, we can expect the bitcoin price to break the false support at $3,000 and head down to the pre-bubble support below $2,000.

On the other hand, technical indicators still show a trigger level for a recovery movement at $4,300. However, resistance at that level is getting stronger, and it doesn’t look like the bulls will be able to overcome it any time soon.

Mid-Term Analysis

bitcoin price technical analysis

The current lateral market has held too long and failed to confirm an Inverted Head and Shoulders formation.

Thus, with conflicting fundamentals, a drop below $3,500 will extend the current Disbelief Mass Psychology Analysis phase to drive traders into a Capitulation phase rather than Hope. From there, we can expect the bitcoin price to fall even more — going as low as $1,800.

Short-Term Analysis

bitcoin price technical analysis

Japanese Candlestick fairy images, combined with modern Elliott Wave Theory, reflect that offer’s Crows descended from the battlefield between $4,500 and $5,500 to transfer the pressure to the $4,000 level.

Yes, even the Crows lost their strength by dividing the selling pressure. However, Soldiers of demand missed the opportunity to act on the vulnerable crows, allowing them to receive reinforcements and win the battle once again.

After the latest defeat, the Soldiers will retreat to lower levels and organize a new battle plan, which will likely result in a fight for control of the pre-bubble support at $2,000.

What do you think will happen to the bitcoin price? Share your thoughts in the comments section. 

If you find Ramiro’s analyses interesting or helpful, you can find out more about how he comes to his conclusions by checking out his primer book, the Manual de Análisis Técnico Aplicado a los Mercados Bursátiles. The text covers the whole range of technical analysis concepts, from introductory to advanced and everything in between. To order, send an email to [email protected]

bitcoin price ebook

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

Source link


Please enter your comment!
Please enter your name here

Latest news

Snapped Up! WaykiChain ROG Genesis Yield Farming Round 1 Subscription Completed

Round 1 Subscription of WaykiChain’s ROG Genesis Yield Farming scheduled to start at 20:00 HKT on September...

KryptoCibule: The Cryptostealing Malware

ESET antivirus researchers have announced the discovery of an unknown trojan malware family that spreads through malicious...

Crypterium Signs New Partnership with Apple Pay, Unveils its Virtual Card

In late 2017 when Bitcoin and other digital assets became quite popular, the consensus amongst enthusiasts was...

Top 5 Crypto Invoice Services for Making Business Administration Simpler

In the current economic landscape, the cryptocurrency’s worldwide adoption is picking up at an ever-increasing pace.
- Advertisement -

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

Must read

KryptoCibule: The Cryptostealing Malware

ESET antivirus researchers have announced the discovery...
- Advertisement -

Read Next
Recommended to you