Bitcoin Price Technical Analysis

Bitcoin Price Technical Analysis

1. BTC on the weekly looks very weak and will be heading down towards $5250, once we hit this I do believe then could be the final push downwards and we should see a fast reversal followed buy mass movement towards the upside. 



2. So far, BTC/USD is forming lower highs and lower lows which could mean a nasty bearish breakdown below the 5759-bottom. That could put Bitcoin on a path towards 5000-fiat, the support from October 2017. A bounce back from the bottom, however, could prove stronger than usual for the sheer buying enthusiasm the level offers.

Moving on, the bearish bias in near-term charts could intensify further, as far as the technicalities are concerned.



3. During 1 month BTC will be holding at $6500 level.



4. Now BTC price is hesitating between $6100 и $6600. Fxstreet say that it proves that giant bearish trend is forming. We should expect the bitcoin price crash.



5. As far as bitcoin is below $6600, it is bear market territory. Trading volumes are low, alts hit the bottom. There is nothing positive to expect in the near future.




The bearish trend is dominating the weekly chart. Buy Tether or take a moment and enter the crypto market. It is important to understand that cryptocurrencies depend on the bitcoin price, so if it goes down, the market will fall too.