The price of the leading cryptocurrency Bitcoin fell above and below $ 20,000 again this week. According to cryptocurrency analyst Filip L, the price of BTC is trading in several technical patterns which are creating further turmoil. The analyst recommends $ 16,020 or $ 24,000 to lengthen or shorten the trading plan. We have prepared Filip L’s BTC analysis for our readers.
“If the price of bitcoin were a bet, it would bid 5 to 1”
The new monthly pivots entered more tightly than in June. Hence, the price of Bitcoin is seeing a steep drop in volatility. A similar pattern can be seen between April and May. The fallen knife incident occurred in May. At one point it then wiped out 30% of its market value. The risk at hand is that a similar move will happen next month as it takes nearly two hands to count all the bearish signals in Bitcoin.
If there was a bet, the price of Bitcoin would be quoted in 5 to 1 betting shops as it is now. Five bearish elements overcome a single bullish signal. With that, it seems like a done deal and a concise article to do. But there is something noteworthy important that you can read in the last paragraph. For now, we need to look at the bearish elements at our disposal for the markets to speak of an uptrend rather than a downtrend. In addition, it is necessary to pay attention to the elements that need to be broken.
“There are five bearish elements that are pushing BTC further down”
The price of BTC is in a downtrend, with the 55-day simple moving average (SMA) falling below the 200-day SMA, marked by a death cross. Worse still, the 55-day SMA itself acted as a watchdog as an upper bound on the price action moving along the bearish trend. In line with the 55-day declining SMA, a red descending trend line serves as the backbone of the bearish trend.
Furthermore, it is forming a bearish triangle with a base of $ 19,036. Also, it looks like the top of a downtrend channel with the old blue uptrend line as the lower leg. Looking back, there are five bearish elements currently looming over BTC’s price action, only pushing it lower.
“The price of Bitcoin will consolidate more”
As noted in the introduction, new monthly pivots are converging. This means that the price action will only be more consolidated. It also shows that support is much closer to catching more slippage in price action. BTC price will seek support at $ 16,020. Furthermore, BTC is moving closer to take any breakout from S1 monthly at $ 14,460.
cryptocurrency.comAs follows, the seasonal summer recession begins with less liquidity. This creates the environment in which the bulls can strike now. It is also a case for pumping the price action up to $ 28,695. Furthermore, the red is breaking the downtrend line and the 55-day SMA. Additionally, it attracts inequality between bears and bulls into a completely bullish playing field.
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