Bitcoin's recent rally is just a "dead cat bounce", BTC will also drop to $ 2,000

Bitcoin price will dump sharply after

The chaos caused by coronavirus in the global market over the past few weeks has fueled a massive and massive sell-off that has devastated both traditional markets and cryptocurrencies.

This sell-off caused the price of Bitcoin to drop to the critical support the bulls have been attempting to protect for days and weeks, with a break below this would open the door for greater losses to all. Cryptocurrencies.

It is clear that the days of extreme market volatility - the main cause of the covid-19 outbreak, will not end soon. Bitcoin's profits were wiped out by a wave of intense drops on "Dark Thursday" to as low as $ 3800. What is the next target for the king?

The recent protest is just a "dead cat bounce"

Bitcoin's recent rally may have simply been a transient "dead cat bounce" in which the price will eventually drop further - a grim theory supported by many analysts. head.

The decline of BTC has caused such significant damage to its market structure that it could soon plummet 50% or more. Top traders give reasons why losses may be imminent.

Trader and analyst TraderXO explain that Bitcoin's 200-day moving average is an important level in the near term.

“This is a scenario I'm considering - Target 6k, then 5,5k and maybe it will retest the $ 4k area. The key is if the price can be kept at 200MA weekly. ”

While TraderXO seems to think that Bitcoin's short-term price drop target could exist in the $ 4,000 region, Pentarh Udi - a leading cryptocurrency trader on TradingView, has come up with a chart showing BTC. could soon fall as low as $ 2,000 by the end of this year.

While reviewing the analysis outlined on Udi's chart, it seems that Bitcoin is starting to form a descending channel on the macro time frame, which could push its price lower in the coming days and weeks.

It is important to note that this bearish scenario can easily be disabled if Bitcoin bounces above the upper boundary of this channel, currently at around $ 10,000, according to Udi.

Sharing the same view with Udi, trader Big Chonis posted a chart showing Bitcoin is reaching an important support area in a macro trading channel, and a break below this level may cause BTC to crash straight down the line. lower channel limit of about 2,000 USD.

Dutch analyst Michael van de Poppe acknowledged that he was bearish on Bitcoin despite the fact that it had regained some of its previous losses.

For van de Poppe, the $ 6,800 level will act as an indicator for a bullish reversal after a sharp decline. Because the price of Bitcoin is not near this great level, hodlers should prepare themselves for another round of loss retest. $ 4,800 and then $ 4,200 will be the most significant support in the downtrend.

According to the trader, the panic caused by Scovid-19 will reinforce the price reduction story next week.

There is still hope for Bitcoin

In the short term, trader Big Cheds is noting that there are many bullish factors that are currently giving BTC an advantage.

"Bitcoin weekly chart - After a 7-hour movement, we can see a MA 200 recovery, bullish harami candle, RSI divergence rising hidden and inside the bar."

If these factors make bulls predominate bears, the strong protection of this support could help lead the market higher in the days and weeks to come.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to Tapchibitcoin
Recompiled ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

Post a Comment

Previous Post Next Post

Đọc nhiều trong tuần

10 Grands Sites de modèles PowerPoint gratuit
10 Grands Sites de modèles PowerPoint gratuit

PowerPoint est toujours le roi quand il vient à un logiciel de présentation. Il a été autour depuis des siècles et chaque nouvelle version ajoute plus de fonctionnalités et rend …

17 best home jobs in 2020
17 best home jobs in 2020

Earning Money blog access_time April 13, 2020 hourglass_empty 28 least Read Finding work from home is easier thanks to high technology. Not only suitable for tho…

How much RAM is the iPhone 12 Pro?
How much RAM is the iPhone 12 Pro?

The RAM of the iPhone 12 Pro is up to 6GB.
Based on information in the latest Xcode beta from Hiraku, it can be said that both of Apple's new iPhone 12 Pro models have 6GB of R…


JavaScript is a programming language of HTML and WEB. It is lightweight and most commonly used as part of web pages, but their implementation allows Client-Side scripts to interac…