Bitcoin has dropped below $ 6,000 - what will happen next?







Over the past week, this is the first time Bitcoin has dropped below $ 6,000, extending a loss of 10% on Friday morning. As of the time of this writing, Bitcoin is trading at $ 5,936, marking the lowest level of the week.


Currently, Bitcoin has closed its daily and weekly candles below $ 6,000, which will present a slight disadvantage to the bulls. Indeed, many traders expect Bitcoin to continue falling lower in the coming days.


Bitcoin's outlook is not so compelling


Filb Filb, an analyst who accurately predicted Bitcoin price action in Q4 2019 and January 2020, recently shared a chart that talks about Bitcoin's price action, after it dropped below $ 6,000. The chart displays several Bitcoin charts (from short time frame to long time frame).


The indicator in his chart posted short signals on six of the eight time frames, suggesting that a decline in the cryptocurrency market over the next few days is entirely possible. This signal was accurately predicted on March 12, when Bitcoin dropped from $ 7,700 to as low as $ 3,800.


bitcoin-giam-6000-dola


In addition he also given a chart and say Bitcoin's price action at the moment will be similar to Bitcoin's price action in December 2019.


bitcoin-giam-6000-dola


At that point, after the price dropped to as low as $ 6,450, it rebounded and confirmed a breakout of $ 7,800 as resistance before falling back to $ 6,450 to confirm a double bottom and begin. an uptrend in January and February of this year. If the same thing happens now, after falling to as low as $ 3,800, it rebounded and confirmed a break of $ 6,800 as resistance, and now it is back. Back at $ 3,800 to confirm a double bottom, before starting a new uptrend.


The price action is currently supporting the bears.


Well-known Trader CryptoHamster recently said that Bitcoin's daily chart is showing three signals of support for the bears.




  1. According to the TD Sequential index, Bitcoin price has triggered TD 9 selling signals on daily time frames and it is likely that the price will decline in the following days.

  2. A bearish cross has just occurred on the Stochastic RSI, which shows that the next downside is possible.

  3. The histogram of the MACD indicator is now falling and seems ready to turn into negative territory in the next few days.

Nearest major support level


Well-known analyst Teddy has said that the drop over the past few days has brought Bitcoin back to its key multi-week support level of $ 5,936. If this level breaks, the next support is found at $ 5,450.



Conclude


Bitcoin has dropped to the psychological support of $ 6,000, where analysts expect it to see more downside in the coming days. The nearest major support level is found at the $ 5,450 zone. If this area is also decisively broken out, it is likely that Bitcoin price will drop to $ 3,800 to confirm a double bottom before starting a new uptrend.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


SN_Nour


According to AZcoin News




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