Prognosis for Changes in Bitcoin PricesColin Baseman
It is very possible that the community will soon witness changes in Bitcoin price. Experts predict that how much it will be worth depends on the stock’s decision. It now varies between six and eight thousand USD. BTC traded down to 1.72% and 1.5% for the session of April 15. Taking into consideration the relative of performance and comparing it to its peers as well as in contrast, we see that EOS and ETH have reported losses within the past 24 hours. However, they still remain resilient. All in all, the crypto’s dominance is lower and reaches 63.7%.
BTC closed and had a 4th green candle last week. That’s the 4th time that the crypto has faced a rejection of the moving average of more than seven thousand USD.
Despite the fact that volume remains high relative, it saw a slight fall. Bearish situations show a simultaneous volume decrease and price increase. On the other hand, when volume is relatively high, it may look and feel rather misleading.
There’re higher lows by the MACD. Looking though the histogram, the MACD’s trends show below zero, which proves that EMAs remain crossed bearish. No doubt this means that the trend is weakening as it’s still down. The twenty-week MA sits at approximately 7,800 USD. As a rule, its role is pivotal – its main purpose is to determine the nature of the market.
The control point and fifty-day moving average has been holding the currency. The greatest percentage of the entire price movement sits a bit under seven thousand USD.
The daily candles come with small bodies with wicks on all sides. It shows indecision and promises a move after the market’s decision on a direction. There’s a decrease in daily volume. Bitcoin is dropping off. According to daily MACD, it also threatens a bearish cross.
In fact, buying interest may reach 6,250 USD. We can then expect 100 and 200 DMAs of resistance – currently they’re decreasing from about eight thousand USD, which is the area of the twenty-week moving average.
The one-day chart demonstrates that it has swiftly decreased and then paused. The next step is to wait and see what direction the price should take.
We can correlate the crypto’s price and see how Gold and the S&P 500 may reflext on the currency. What we witness means that soon BTC is going to depend on what the legacy markets suggest. Till now, the last two weeks have been going through quite positive moves.
BTC/USD is now at a decision period and point. Another month and there will be the halving. Analysts expect it’ll be a bullish experience, taking into consideration the crypto sales.
Consolidation/indecision is a period when either a bearish or bullish case occurs.
The wedge that Bitcoin is trading at the moment is ascending. If volume is also declining then the case is called bearish. We admit that the price action is not too much different from that we had in Q1. Back then the technical downside target sat at around 8,800 USD. If the same scenario and trend repeats, then the market can expect 6 thousand USD to be lower after retest.
At present, the crypto’s posture is bearish which reminds the structure we had half a month ago. Invalidation of the patters is possible. Whether it happens depends on a break that users need above the right shoulder. If this occurs, it would hopefully let test the existing averages. An order block of around eight thousand USD would then be inevitable.
Consolidation period is approaching its end. Bitcoin may move and reach 8 thousand USD or return to 7 thousand USD.
Consolidation period may take more time before the halving. Conclusions come from the correlations, which are high. Some claim that prices may sustain over 7,200 USD.
Interview with Gen2 on The Capital07 Oct, 2020 Colin Baseman
TOP 10 crypto world news for October 2, 202002 Oct, 2020 Annabella Cornelly
TOP 9 crypto world news for October 1, 202001 Oct, 2020 David Kemp
TOP 10 crypto world news for September 30, 202030 Sep, 2020 Judy Rubio
TOP 9 crypto world news for September 29, 202029 Sep, 2020 Endy Callahan
TOP 10 crypto world news for September 28, 202028 Sep, 2020 Colin Baseman