Cryptocurrency

Must fall in the BTC price first on 6.600$, before he can rise to 15,000$ and beyond?

Welcome to a comprehensive edition of the TA-Tuesdays on crypto Monday! Today, we deal with an extensive Bitcoin exchange rate analysis in which we examine the short-, medium – and long-term Trend of BTC course in more detail.On the basis of statistical data, chart patterns and historical price I try a possible scenario to depict, according to which the Bitcoin exchange rate first of all, a further price decline of 6,600$ in purchase must take before he will have to overcome the$10,000 limit, and thus a new upward-trend can start, is it in the medium term of$ 15,000 and in the long term, far beyond going to curves.Thus, it is worthwhile in any case, exciting and stay tuned, as always. I wish you much fun with today’s special edition of the Bitcoin price analysis!Please note: None of this articles listed is to Formulate in any way the trading recommendations. This and the following article are solely for the exchange of information with our readership. Neither crypto Monday nor the author of this text shall be liable for any loss incurred as a result of the trading decisions of our readers. DYOR!

Bitcoin exchange rate in the medium term, of$15,000?

So, let’s start with the larger picture of the price history of Bitcoin, before we start, in this the individual Details draw.In the long term, the Bitcoin exchange rate moves in a large covered inverted wedge Formation. In this, the Bitcoin exchange rate is already since the middle of 2019. It is regarded as a bullish Formation, but also a relatively high error rate. For a valid break to the upside would have to create the BTC course, the$10,000 limit, to break through. In the case of such an outbreak, a minimum exchange rate target of 15,000$ would result the Formation for the Bitcoin exchange rate.Telegram-Channel BitcoinBude.de. Click here to follow.In the last 3 weeks the upper trend line of the Formation was tested, however, three times unsuccessful. This suggests that the bulls have on the market currently and in the near future, the strength to bring the Bitcoin price over the$10,000 limit.This is a sign of weakness, together with the historic price history of Bitcoin (I at a later point in the analysis, still will comment) suggests to me a presumption that the BTC price once again in the middle of the case, the inverted wedge Formation is moving before he can develop the strength to a bullish breakout to full.Another indication of this Chart pattern, the Bitcoin seems to be moving the course up to date and to speak to which we now come is.

BTC exchange rate and its short-term bearish trend Is a price target of 6,600$ realistic?

A further indication that the Bitcoin price could move at least in the short term it back in the middle of the case, inverted wedge Formation, is a potential BARR-Top. In this short-term bearish chart pattern, the BTC price moves since mid-March – so for about 2 months.Telegram-Channel BitcoinBude.de. Click here to follow.Since this chart pattern requires a maximum of 3 months to complete the training, we will know within the next 3 weeks whether or not the BARR-Top confirmed or fails. The statistics and the above-mentioned weakness in the Bitcoin rate, however currently for the validity of the bearish Formation.Should there be a breakout to the bottom, there is a minimum price target of$ 1,300 an under the breakout point. It would be not unlikely, if the BTC exchange rate were to move in the direction of the support line at around 6,600$ would.Against this bearish scenario bullish indicators, such as, for example, the Golden Cross, that by the Cutting of the 50 and 200 MA line on the daily Chart has formed. In addition, it has managed the Bitcoin exchange rate current, to defend the 8.700$ repeatedly, and is currently back above its support line of well-8.800$.At the same time, the Hash Ribbons indicator signals that another Miner capitulation, which could lead to increased selling pressure in the market and the BTC price further down. In addition, a bearish resolution of the pattern in the historical price history of Bitcoin would fit.

Bitcoin price and the historical Price performance

We look at the historical Price development of BTC, including its Bitcoin Halvings, we see that a bearish resolution, and a decline to about 6.600$ would fit very well into the historical pattern of Bitcoin.In the 2 months after the previous two Halvings of the Bitcoin exchange rate showed in both cases a decline in the price of the course, before the new Bullrun started, slowly but surely, to travel. This can be fundamentally explained by the fact that after the halving of the block reward to the sales pressure at many of the Bitcoin miners to rise enormously in order to keep in business and to be able to current cost bridge.The BTC rate would achieve in the above scenario about the end of July to August, the price target of 6,600$, it is likely to meet approximately on the 200 MA line on the weekly Chart. This could then at the same time, as already seen repeatedly in the past, is the ground for the downward movement in the Bitcoin price mark.Thus, throughout the history a Shoe will be, let us see, finally, how such a scenario in the initially discussed case, the inverse wedge Formation to fit.

A clearly bullishes Signal for the Bitcoin exchange rate

If we spin the scenario of a short-term price decline to about 6.600$, and the Bitcoin exchange rate on this level, supported by the 200 MA Weekly, a u-turn and rises, then the whole thing fits into the overall picture.In this case, the BTC price would form a temporary decline, which within a case, ends of the inverted wedge is a reliable Signal that the Bitcoin exchange rate bullish is break out of the Formation. Statistically, following a temporary decline in 3 of 4 cases, a break to the upside.In order for the Bitcoin exchange rate would provide a strong indication that the price history of Bitcoin is repeated and a new uptrend has started.

Final Thoughts

Finally, I would like to give our readers in regard to the Written here, the correct rating on the way.This scenario comes from any wild fantasy, but the statistical indicators, as well as historical Patterns. However, it also represents only one of several possible scenarios. The BARR-Top should fail, and the probability is about 20 percent, then it can also be very good, that the Bitcoin price will not fall significantly below the current price level.On the other hand, even if it should come to this projected decline, said that the BTC rate is also find indeed, in the case of 6,600$ his ground.What I mean to say is that you should rely on no theory. The same if the here described scenario for me personally, the most likely, I am always willing, from this depart, as soon as the Bitcoin exchange rate provides me with a reason and in a way that fits for this purpose.If the Crypto market has taught us one thing, then he brings us right into the moments back to the bottom of the facts, if we believe we have the situation looks. It is therefore necessary to adapt flexibly to the coming conditions and to adapt these in its strategy.Do you want to position yourself in time with Bitcoin on the market?You’re still looking for a trading platform? We want to help you to find the right contact for a safe, secure trading with Bitcoin. If you are still in search of a reliable, regulated Broker that you trade with Leverage (2x),taking Long and Short positions,deposits via PayPal,the Sending of real Bitcoins in your Wallet andthe use of a wide range of trading tools,without a Download of any Software is necessary,then, is the world’s leading Social Trading platform eToro is just Right for you!Here you will benefit from a pleasant Design and easy and intuitive operation with customer service around the clock. Register today, without obligation, and try out all the features of the platform, without being forced to trade with real money.What are you waiting for? If you’re convinced, then you must act now!75 % of private CFD accounts lose money. No EU investor protection.You look better Videos to read the article? Then look at our Youtube Channel over. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

Do NOT follow this link or you will be banned from the site!