Bitcoin Price Still Losing Strength, Another Plunge Even More Likely
Things continue looking bleak for the bitcoin price. Bullish consensus is still getting a beat down from the bears, totally depending on fundamentals to sustain the current sideways market.
Also read: Fight or Flight? How Laws and a Lack of Trust Affect Bitcoin Trading
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Bitcoin Price Technical Analysis
Long-Term Analysis
Gann Angles Analysis reflects a bearish trend that started at 2017’s all-time high and has not turned upwards so far. This bearish trend dominates the bitcoin price charts, waiting on any news that can strengthen the theoretical support at $3,000 USD and drive the action to $4,000.
If nothing arrives to stimulate the market to the upside, prices will continue pushing down on the current $3,000 level until they break and head to the pre-bubble support at $2,000.
Mid-Term Analysis
Due to a general lack of daily volume, the bitcoin price could be easily cornered and manipulated with pumping strategies in favor of big holders in a short, speculative marketplace. Last November, a prolonged lateral market emerged at the $6,000 level and plunged to $3,000 after a briefly bullish run fueled by contradictory opinions and fundamental data.
If the bitcoin price falls to $2,000, the market will attempt a “V” bounce near $2,500. Mathematical indicators reflect a strong possibility of a significant ”V” bounce taking place and launching another long-term bullish cycle.
Short-Term Analysis
After several unsuccessful attempts at a recovery, Mass Psychological Analysis has revealed the beginning of the Capitulation phase. Following Fairy Japanese Candlesticks examples, Soldiers have retreated again, saving their strength to retake the trend from a lower level near $2,500.
A generalized wait-and-see attitude continues harming bullish consensus, weakening the sideways movement that — if and when it breaks down — should ignore the theoretical support at $3,000 to bounce from $2,500 where Soldiers feel stronger.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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