HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Top Analysts Target Move to $5,000 as Bitcoin Remains Beneath Critical Level

Bitcoin 2020/04/04 19:00 by Cole Petersen
Following Bitcoin’s recent rejection at $7,300, the benchmark cryptocurrency has once again established another bout of sideways trading within the upper-$6,000 region, with bulls and bears reaching an impasse as its near-term trend grows increasingly unclear. Analysts are now noting, however, that from a macro perspective Bitcoin remains firmly bearish as long as it is trading beneath its yearly open at $7,200, with a failure to post a decisive climb above this level being a grim sign. This comes as one prominent trader notes that he believes BTC’s current technical weakness will lead it to see a significant decline towards $5,000 in the days and weeks ahead. Bitcoin Stabilizes Following Recent Rejection, But Analysts Believe a Notable Decline is Imminent At the time of writing, Bitcoin is trading down marginally at its current price of $6,740, which marks a slight decline from recent highs of $7,300 that were set at the peak of the crypto’s recent rally. The swift rejection at these highs certainly did some technical damage to the cryptocurrency, but bulls have been able to guard against it seeing any further downside throughout the past several days and weeks. In spite of it finding support around its current price levels, the crypto has still failed on multiple occasions throughout the past few weeks to surmount its resistance at $7,000, which seems to be an overtly bearish sign. This has led Nik Patel – a prominent cryptocurrency analyst and trader – to explain that he believes a sharp decline is imminent, potentially leading the crypto to as low as $5,680 in the days ahead. “Close this Weekly below 7000 and I’d expect to see 5680,” he said while referencing the lower boundary of a wide trading range seen in the below chart. Close this Weekly below 7000 and I'd expect to see 5680.$BTC pic.twitter.com/17fGXQm35p — Nik Patel (@cointradernik) April 4, 2020 Top Trader: BTC Remains Highly Bearish Beneath This One Key Level Patel isn’t the only prominent trader who is currently bearish on Bitcoin, as TraderXO also explained in a recent tweet that he is net short on BTC as it struggles to recapture its yearly open at roughly $7,200. “BTC – Various charts Top down. Bullish = reclaim the yearly open. Bearish = losing the 200 weekly MA and Daily range lows. $5800 is a huge level for many reasons stated in the charts. Current status = positioned net short,” he noted. $BTC – Various charts Top down Bullish = reclaim the yearly open Bearish = losing the 200 weekly MA and Daily range lows $5800 is a huge level for many reasons stated in the charts Current status = positioned net short pic.twitter.com/36HtOlKhcQ — TraderXO (@TraderX0X0) April 4, 2020 If BTC continues struggling to break above where it started the year, its subsequent decline could cause even further damage to its mid-term market structure, potentially opening the gates for an intense selloff. Featured image from Shutterstock.

0 Like(s)



You should also read...

Altcoins 20/11/19 11:55 by Dennis Wafula
BTC, ETH, and XLM Price Analysis: Crypto Market Exhibiting Strong Selling Pressure
Bitcoin Price Analysis (BTC/USD) On today’s intraday chart, the price of the top-performing cryptocurrency has declined, thus recording a bearish momentum below $8500 support level.  BTC/USD pair ...
Read More
Altcoins 24/11/19 22:30 by Cole Petersen
Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst
Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be high...
Read More
Bitcoin 27/03/20 19:00 by Cole Petersen
Bitcoin Could “Teleport” Higher if It‘s Able to Surmount This Key Level
Bitcoin’s price action seen throughout the past few days has quite boring for traders, with the benchmark digital asset forming a relatively tight trading range between $6,600 and $6,800. This perio...
Read More
Bitcoin 04/05/20 16:54 by Ali Martinez
Technical Indicator that Predicted Bitcoin Crash to $3.6k in March Is Screaming Sell Again
The Tom Demark (TD) Sequential indicator has proven to be essential in determining Bitcoin’s price action. This technical index was able to predict the most significant exhaustion’s points on BTC...
Read More
Bitcoin 04/05/20 23:00 by Cole Petersen
Bitcoin Flashes Grave Bearish Divergence Just as Institutions Flip Long
Bitcoin’s intense upwards momentum has stalled as the cryptocurrency enters a firm bout of consolidation within the upper-$8,000 region. This has come about in the time following the multiple firm r...
Read More