Bitcoin [BTC] Price to Form New 2018 Lows After Bear Flag?

2018-12-6 18:01

For the past few days, Bitcoin had been consolidating just below the key $4000 level. In yesterdays analysis, we noted that this was more of a bearish set-up and makes the price more susceptible to dropping from that point.

A drop followed, and we have seen price move from consolidating around $3900 to trading around $3600 today. The low for 2018 was formed around $3500, and this most recent drop makes a new low a strong possibility. A new low forming would result in their being a strong chance of price potentially continuing its bearish movements to $3000. $3000 is noted as a key area for price action being both a round psychological number and an area of important trading activity in 2017.

Bitcoin Daily Chart – Source: Tradingview.com

The drop which is after taking place successfully executes a bear flag on the weekly chart. The candle for last week formed as a Doji. A Doji is a candle where the open is around the same point as the close and reflects uncertainty on the side of traders. Although there were more bullish market movements last week, traders were likely cautious to drive the price up fearing a return to bearish market conditions that we are seeing today.

The drop over the past day is extremely bearish for the outlook of Bitcoin. It is taking place on significant volume, and from a technical standpoint, it makes bullish movements from here far less likely. The weekly RSI and MACD are decreasing reflecting the strong seller momentum.

Bitcoin Weekly Chart – Source: Tradingview.com Key Takeaways: Bitcoin has returned to recording bearish market movements after consolidating below the key $4000 level. New 2018 lows are highly likely for Bitcoin, and $3000 is also a strong possibility. Bear flag executes on the weekly chart. Weekly RSI and MACD also decrease reflecting the bearish momentum. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin [BTC] Price to Form New 2018 Lows After Bear Flag? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

origin »

Bitcoin (BTC) на Currencies.ru

$ 92427.75 (-0.50%)
Объем 24H $33.993b
Изменеия 24h: -1.62 %, 7d: -1.20 %
Cегодня L: $92427.75 - H: $92427.75
Капитализация $1867.571b Rank 1
Цена в час новости $ 3682.95 (2409.61%)

bitcoin price consolidating around lows bear btc

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30