Bye $7K? Bitcoin Price Pull-Back Likely After Impressive 80% Rebound ⋆ Crypto New Media

clicks | 10 days ago | comments: discuss | tags: bitcoin

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VKontakte BTC USD 4-hour bearish scenario. Source: TradingView
The bearish scenario is still the likely scenario of the two. The rejection at $6,800 doesn’t show any strength, as any bullish momentum is only warranted through a breakthrough in that area.
Given that the price didn’t, I assume the market will make a lower high at $6,400-6,600 area, after which further downwards momentum is warranted. The $5,500-5,600 area is a crucial point, as discussed previously. Once the price of Bitcoin breaks below this level, a severe drop is likely to occur.
Is that a bad thing for the market? No, low prices will give investors tremendous opportunities to buy the assets relatively cheap again. Gold and silver have seen big shocks throughout the week as well.
What are the levels to look for in case of a breakdown? There are three zones to watch for potential support, which are the $4,700-4,800 area, the $4,200 level and the $3,750 level.
The last two would provide a potential bullish divergence on the daily timeframe, which would make a strong signal for a bottom. An example is found in the bottom structure in December 2018.
All in all, it seems unlikely to have a bottom already, and further accumulation should be expected for the market.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision. ...