After a long sideways trend within the 9,000-Dollar-Region Bitcoin is now below this margin is reached and the trade to the 8800 US dollars.Although the crypto currency has defended its short-term support passionate, seem to get their technical prospects to deteriorate rapidly.Some analysts have noted that the most recent has opened break the gates for a move, the BTC will be lower in the coming weeks and months, up to 5,900 dollars.
Bitcoin has lost in the last 48 hours, a large part of its recently acquired technical strength, because the sustained break below $ 9,000 in after a recent rejection at $ 10,000 is not a good sign.
It seems now that the Cryptocurrency could soon aim for significantly lower lows, unless it is able to achieve in the near future, an upward momentum.
A technical pattern indicates that a move down to 5,900 USD is in view.
Bitcoin has experienced declining technical strength after sustained move below $9K
Yesterday, Bitcoin has faced a strong sell-offs led to a decline of 9,100 $ to a Low of 8,700$. The Coin was able to find strong support, which allowed him finally to climb significantly higher.
The crypto-currency was able to regain its previous support at 8,800 $, however, the purchase has not enough pressure here to catalyze a sharp movement back in the 9,000-$-Region.
This continuing downward trend came about after BTC posted a number of solid rejections at $ 10,000, indicating a significant fundamental weakness among the buyers.
Analysts believe that the medium-term Trend of crypto has shifted currency now in favor of the bears, notice what the goals for a significant downward trend in the coming weeks to open.
A popular Analyst writes about it on Twitter and declared that he would keep short-term opportunities – with targets of about 7,300 USD and 6,700 USD:
“Probably, it is Play with all the Longs outside of Intraday, that is a longer Swing positions, pass by, until we use a kind of strong PA in Blue. You call the child by name. Bitcoin is pretty formulaic, they lose black and you come to the ugly Numbers“
Image courtesy of Cantering Clark
Controls Bitcoin on a massive decline?
Although the above-mentioned Analyst determines that the decline of Bitcoin could lead to low levels of $6.700, explained another Trader that a technical indicator determines a movement to $5.900 close.
He points to two Band formations on the Chart of the cryptocurrency and noted that a rejection signal to the upper Band, that it might soon fall to the lower limit.
“First of all, significantly below the average for BTC. The lower band target is located at 7,000 $, where a double touch of the target closer to 5.900 $ pre. And Yes, generally, we run from Band to Band.“
Image courtesy of Cold Blooded Shiller