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.

 

 

Conclusion: 

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.