Bitcoin recently faced a rejection at $9,500 that appears to be a grim sign for its macro outlook
The cryptocurrency has since reeled back within its long-held trading range between $9,000 and $9,300
How it trends next will likely depend on its reaction to this trading range
Because BTC posted a failed breakout attempt, it is likely weaker now than it was during its last bout of prolonged consolidation at its current price levels
One analyst is now putting forth a chart showing that the crypto could soon see a significant decline
The indicator he uses is even suggesting BTC could tap $5,000
Bitcoin is currently consolidating following its latest rejection. Buyers were able to push it as high as $9,500 earlier this week before they lost their strength.
In the time since, the cryptocurrency has been sliding lower, and there’s no end in sight to its current bout of sideways trading.
In the near-term, how it trends next could be determined by whether or not bulls can support BTC above $9,000. The recent rejection struck a blow to its technical strength, potentially making it prone to further downside.
One indicator is now suggesting that the crypto could be gearing up to see a sharp downside movement that sends it down towards the $5,000 region.
Bitcoin Flashes Signs of Weakness Following Rejection at $9,500
Bitcoin’s break above its range high at $9,300 earlier this week sent the markets rallying higher and boosted investor sentiment.
The movement proved to be short-lived, however, as BTC quickly retraced from this level and is now trading squarely within its previous range.
This latest rejection seems to have confirmed that bulls are plagued by underlying weakness and suggests that the crypto could be positioned to see further downside.
As Bitcoinist reported yesterday, one analyst recently explained that BTC is forming a market structure incredibly similar to that seen just before the massive decline to lows of $3,800 in mid-March.
Image Courtesy of NebraskanGooner. Chart via TradingView.
If this pattern plays out as it did a few months ago, it could spark a notable decline.
The next decline likely won’t be as substantial as that seen in March, however, as that movement was perpetuated by a cascade of liquidations.
This Chart Indicates BTC Could Be in for Major Downside
Another analyst recently put forth a chart showing what appears to be a Gann Fan formation, with one overlaid indicator suggesting that the next movement will favor bears.
As seen below, the indicator suggests that Bitcoin will move towards the lower boundaries of the Gann Fan, which means it may decline towards the $5,000 region before finding any meaningful support.
Image Courtesy of Mitoshi Kaku. Chart via TradingView.
Featured image from Shutterstock.
Charts from TradingView. origin »
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If you have been nervously holding Bitcoin for the past several months, then you might want to take a deep breath before reading ahead, because further losses might be in store for the number one cryptocurrency.
Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar. The price remains well supported on the downside near $8,200 and $8,150. There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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Special thanks to Justin Drake, Karl Floersch, Hsiao-wei Wang, Barry Whitehat, Dankrad Feist, Kobi Gurkan and Zac Williamson for review
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A surface wave has been emerging in the XRP market, causing some turbulence in the price of the coin. XRP’s price plunged massively over the month of August and has established a strong ground in the $0.
The market chop and consolidation has continued for bitcoin today and analysts remain on the fence as to where it is likely to go next. The trading range is getting tighter however so a breakout could be imminent.
The year 2019 has been rough for XRP solely because of its price. As the new year set in, XRP’s price consolidated mainly between the price range $0. 2604 and $0. 3834. After numerous tries, the third-largest coin broke out from the consolidating price range but eventually had to return after 56 days.
Bitcoin and the aggregated crypto markets have been facing a bout of choppy trading as of late that has led BTC’s price into a key trading range that will likely set the tone for which direction the crypto trends in the coming days and weeks.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
