• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
ethereum
Nexo

Bitcoin Price Analysis: BTC Could Drop to $9,000 Soon

Smith by Smith
3 years ago
in Trading, Bitcoin, News, News teaser
0
Advertisement

Overhead descending resistance forming on Bitcoin could develop a descending channel taking price levels down to $9,000 over the coming week. This would allow for sideways consolidation to take place around $9,000, which is a key historical psychological support/resistance level allowing volume to rush back into the Altcoin market.


Bitcoin 4-Hour Chart

Bitcoin

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the Bitcoin 4hour chart we can begin to see a descending channel forming. This is not yet confirmed as there’s only 2 out of 3 needed points of contact from candlesticks to my predicted channel support and resistance. Descending volume would align nicely with a pull-back to $9,000 region around the 200EMA confirming the descending channel.

My short term price prediction for the next few days is evidently bearish, given the expected pullback, however, a pullback to $9,000 forming the descending channel would still keep the current uptrend intact. It’s highly likely once the descending channel has been formed there will be a breakout to the upside that attempts to form new highs. Descending channels formed during an uptrend are inherently bullish.

Consolidation within the predicted descending wedge would likely allow Altcoins room for short-term growth. Overall, a pullback would be nothing to be scared of, as stated in this previous analysis. and is much needed to sustain the current uptrend, whilst allowing Altcoins to bounce off their historical supports that many of them are currently resting on.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Weekly Chart

On the BTC weekly chart we can see ascending volume, the opposite to what we can see on the 4 hour chart. This accompanied by the fact that there’s been no red weekly candles since February of 2019 is a great indication that a brief pullback is needed. POC (Point of Control) sits around $6,200, this is also where the CM Super Guppy indicator has flashed green, meaning there’s a significant amount of support, and large orders resting against the market around this price point.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

It’s highly unlikely price levels will drop below the $6,200 mark, I would consider this the critical support level, meaning if this is broken the overall uptrend for BTC is also broken and would be a significant sell signal. Key support levels to look out for between current market price and critical support are $9,500, $8,000, and $6,800. There’s a significant chance BTC will wick down extremely fast to liquidate longs, and cause panic across the market before regaining traction, this has happened before every bull phase in BTC history, thus something every trader should prepare for.

MACD has clearly crossed the median to the upside as a result of the most recent uptrend. It’s likely a pullback will cause MACD to move sideways during this period before turning up again. BTC dominance is currently 61.9%, I expect a pullback will take BTC dominance back to 55-57% region, which is the percentage that sustained the previous altcoin bull phase throughout Q4 of 2017. The current overall Crypto market cap is sitting around $333,000,000, this will need to continue steadily increasing towards the $500,000,000 mark to really allow Altcoins to flourish, whilst BTC begins it’s brief pullback.

Do you think BTC will hold above critical support at $6,200? please share your thoughts and comments below!


Images courtesy of Tradingview.com, Shutterstock 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Smith

Smith

Related Posts

bitcoin

Decline In Bitcoin Denominated Open Interest Sees Funding Rates Fall Below Neutral

9 hours ago
Bitcoin Mining

Why The Bitcoin Hashrate Has Barely Moved Since May

13 hours ago
Bitcoin Mining

Bitcoin Mining Company Returns Over 26,000 Rigs To Save Itself From A Ballooning Debt

18 hours ago
Ukraine

Ukraine Buys New Batch Of Weapons To Fight Russia Using $60 Million Crypto Donations

20 hours ago
bitcoin and stocks

Is the Bitcoin Stock Market Correlation Finally Ending?

2 days ago
Bitcoin

Bitcoin Is Now Accepted In This Popular Resort In The Maldives

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.