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: https://t.me/bitsonline

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

Bitcoin Price Headed Back to $2,000 After Failed Recovery Attempt
BitsOnlinehttps://bitsonline.com/
Bitsonline presents the latest news and informed commentary on Bitcoin, blockchain, cryptocurrency, fintech, and technology. It also presents opinions from industry insiders and covers related issues, such as smart contracts and ICOs / token sales, privacy and regulation, and security.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Will New Zealand’s crypto salary project work?

Now in 2020, Bitcoin, and in a broader sense cryptocurrencies in general, have gone through hundreds of...
- Advertisement -

Is Tron’s decentralized app market really a “Las Vegas on the blockchain?”

The original idea behind creating cryptocurrencies was to offer a much more decentralized and convenient payment platform...

Why Blockd’s anti-hacking tool is vitally important for crypto

“Blockd.” That’s the message that appears if a hacker tries to steal funds out of an account...

Must read

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business,...
- Advertisement -Bitcoin Price Headed Back to $2,000 After Failed Recovery AttemptBitcoin Price Headed Back to $2,000 After Failed Recovery Attempt

You might also likeRELATED
Recommended to you