Many technical signals indicate that the BTC markets can see a bullish advance in the coming days after several weeks of heavy sales. In spite of long-term price actions and stochastic RSI, indicating a reverse movement, the current price action tells a more creepy story - with BTC currently testing a critical area.
The price of bitcoin appears to have established support at just above the $8,000 USD area, after having lost approximately 60% percent of its value from the all-time high of roughly $20,000 posted on December 17th, 2017 on Bitfinex.
Markets Update: Long-Term Signals Suggest Bullish Bounce Imminent for BTC
On the weekly chart, the current price action comprises a test of the 38.2% retracement area of the multi-year bull-trend, whilst the stochastic RSI for the weekly, 3-day, and daily charts currently sit below the 20 threshold. If resistance is able to hold at the current area, a major trendline starting from the September 2017 test of approximately $3,000 would appear to have been validated, adding to the confluence of signals indicating that counterforce may be imminent.
Despite many longer-term signals indicating the likelihood of an impending bounce, immediate price action transversely shows that further bearish momentum may be a possibility.
As of this writing, the bitcoin price appears to have dropped just below the immediate ascending trendline from the local low of $8,000, in addition to the descending trendline from approximately $12,000 that BTC appeared to have broken earlier today.
Read more: bitcoin.com
We're definitely in a weird place where an absurd combination of bad news have led to complete shattering of resistance zones - China banning cryptos, major credit cards limiting the flow of money, Tether investigation, etc. My fear is we'll have to reset our assumptions around technical analysis but for now, agree that all we can do is hold. Too risky to sell at this point.
Great. Thanks for this article. You won't believe how much helpful you are to all of us. 'cuz you share such important news about cryptos almost everyday. thank you very much from all of us.
Thanks buddy
in my opinion, the value of the bit coin will continue to climb in the next few weeks, it's just that for now there is a decrease that is not significant, I believe bahwasannya bit coin will always be at a high level
You're going by the weekend support?
Sir, what do you understand by explaining? Bitcoin prices will increase? Or will it be a terrible ruin?
Increase
Thanks for your valuable feedback.
Like you showed a two days ago we are sitting around the 78% on the fibonacci retracement this should be as low as we go for now and then onwards and upwards
Really great analysis, thanks for your up to date and regular posts they really help. Please keep it up
Hope you are right. Forgot a trailing stop with one of my altcoins and now sitting on them :D
Thanks for the analysis! $8000 is still sky high, if you remember the days bitcoin was below $1000. It always had its volatility and with the introduction of the lighting network I think itĺl increase.