HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

BTC to $6,000? Bitcoin Bears Gain Momentum As Price Stalls

Bitcoin 2019/12/15 10:03 by Lorenzo Stroe

Bitcoin is currently trading at $7,153 after a relatively small crash from $7260. The daily equilibrium pattern has been broken again but bears are finding it difficult to see any continuation. If the bulls can hold a triple bottom, Bitcoin could bounce back up with a lot of momentum.

Bitcoin’s 24h trading volume is still low which means people are not aware of the pattern or they simply don’t care. Clearly, the bears have the advantage right now and a long squeeze is definitely in the cards as longs have been hitting new all-time highs consistently on Bitfinex.

Bitcoin Needs to Break Before Rallying

According to cryptocurrency trader and investor, ‘Galaxy’, Bitcoin is very likely to see a huge pump if it crashes down to $5,900-$6,200.

In his tweet, he states that if the price reaches those numbers, he will publicly open a long position and won’t close it until it gets liquidated or Bitcoin hits $25,000. The chart provided in the tweet shows Bitcoin bottoming at around $5,900 before taking off to $17,000 smashing through the recent $13,700 high and eventually reaching $25,000.

Not everyone is as bullish as Galaxy, though. A recent analysis conducted by Cointelegraph states that Bitcoin needs to hold the $7,300 level in order to avoid what’s known as a ‘Bearish Bollinger Band Squeeze’.

This pattern occurs whenever the volatility of an asset is dropping to really low levels and the Bollinger Bands are narrowing. If the price breaks below the Bollinger band, a bearish continuation is expected, similarly, if it breaks above the band, a bullish continuation is expected.

However, there are still a few factors that need to be taken into account. For instance, Bitcoin sellers do not seem to have a lot of strength right now even though Bitcoin’s price has been favoring them for quite a while now.

Unfortunately, due to a large number of long positions opened, bears could still have enough strength to break below $7,000 and beyond because the liquidation of long positions literally means selling Bitcoin.

The post BTC to $6,000? Bitcoin Bears Gain Momentum As Price Stalls appeared first on ZyCrypto.

0 Like(s)



You should also read...

Bitcoin 19/11/19 17:34 by Tony Spilotro
Bitcoin Price: Bulls Defend ‘Make It Break It’ Support Level at $8,000
This morning, Bitcoin price made another push to the low $8,000 range but was unable to penetrate below the former resistance turned support and set a new local low. Are bulls in the clear, or will be...
Read More
Bitcoin 01/12/19 19:00 by Cole Petersen
Analysts Flip Long on Bitcoin After Bulls Thwart Brief Sell-Off
Bitcoin’s bulls and bears have been engaged in a heated battle over the past several days and weeks, with BTC’s latest bout of volatility being a sharp downtrend that followed its recent attempt t...
Read More
Bitcoin 10/12/19 06:00 by Martin Young
Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again
Around $6 billion has been dumped out of crypto markets over the past few hours as the bears return again. Coincidentally it has happened again, right after Bakkt launched more institutional investmen...
Read More
Bitcoin 11/12/19 13:00 by Nick Chong
Crucial Indicator Shows a Massive Bitcoin Move is Likely Following 30% Drop
Over the past few weeks, Bitcoin (BTC) has finally started to slow, establishing $7,000 as support and $7,800 as heavy resistance; the cryptocurrency hasn’t broken above or below those boundarie...
Read More
Bitcoin 15/12/19 20:30 by Nick Chong
Analysts Fear the Worst as Bitcoin Price Readies to See 20% Breakout
Over the past week, Bitcoin has found itself flatlining, establishing a tight range in the low-$7,000s as volume tapers off. This consolidation has forced the Bollinger Bands, a moving average-based t...
Read More