These are unprecedented exciting times for bitcoin. The opinions of analysts on the internet vary widely. Some believe that this is a breathing space for a new wave up, others think that this may well be the start of a new bear market.
That is why we have split our analysis of this week into two. Do you believe the decline is not over yet? Then this article is for you!
Looking back: bitcoin course breaks out from the bottom of the triangle
You are probably tired of the term, but for this price analysis we get it out of the closet one more time: it is about “the triangle”.
Last Tuesday the race plunged through the bottom of the triangle with great violence. The total price then fell by more than twenty percent.
The rate seems to be supported by the 7,300 euro zone. We have indicated this on the graph with the green bar. The zone corresponds to a number of peaks and bottoms in May and June.
But what if this support does not last? We will discuss that in this analysis.
Death cross was not a good sign
This week’s Moving Averages (MAs) also gave a hint for a decline. The graph below shows the 50-day MA, the 100-day MA (orange) and the 200-day MA (green). The 50-day MA has recently fallen below the 100-day MA. You also call that a death cross.
A death cross can mean a reversal of the rising trend. In this case, the death cross might already have given us the prelude to Tuesday’s fall.
In addition, this week all hope was based on the 200-day Moving Average (MA). This line is often a supportive level in a bull market. But yesterday bitcoin fell through this line.
If bitcoin remains below the green line, then that could mean a new bear market, according to analysts. That is a period in which the price is falling for a long time.
Where is the course going?
To answer this question, we are bringing back old support. In 2018 the price level of 5,500 euros was very important. One possibility is that the price of bitcoin searches this zone again.
The chance that bitcoin will look up this zone is likely. Thanks to this support, the course continued in May without any form of resistance. It may be that the course has to test this zone again before it finds its way up.
Too negative? Then read our bull article:
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