According to a number of technical analysts, the price of Bitcoin is likely to be adjusted downwards in the near future. However, after some time, growth will continue.
Thus, according to the observations of CryptoFibonacci, “digital gold” is currently trading significantly below the $ 8600-8800 range achieved last week. Now, in his opinion, the path of least resistance is directed down:
$ BTC Weekly chart update.
Do not like this candle pattern at ALL !!
But, it is necessary after such a huge runup. Retraces coming. Stay safe !! #BTC pic.twitter.com/6aOUE0JPJo
– CryptoFibonacci (@CryptoFib) 10 worm 2019 р.
CryptoFibonacci is concerned about the bearish candlestick patterns on the weekly chart, indicating a high probability of price reduction. However, according to him, the correction is simply necessary to continue the long-term upward movement, especially if there has been rapid growth before.
CryptoFibonacci is also confident that at the present time the head and shoulders bear pattern with a target of $ 7,400, designed to serve as reliable support, is being worked out.
A similar opinion is shared by trader CryptoBirb. He believes that the price broke through the mid-term trend line after a series of unsuccessful attempts to consolidate above the $ 8000 key level .
short distance invalidation is HH above 9.2k or bullish weekly momentum cross; anything below is bearish for $ btc MTF (5.2-5.6k)
scaled out earlier, booked decent profits from scalping sessions in Nest
to keep good money on table
will scale in if signaled pic.twitter.com/vWPE0po24A– Crypto₿irb (@crypto_birb) 8 worm 2019 r.
Also about the weakness of bulls says pattern "Rising wedge", which CryptoBirb noted on the chart.
According to analysts at CoinDesk Markets, a breakdown of the $ 8,000 mark in the near future will be short-term due to resistance in the form of a downward trend line:
(5) Above $ 8K #BTC has up closeup picked by a the bid, But the price is yet to clear the Part # Descending the trendline.
Looking at averages, it may be short-lived or may remain elusive.
50, 100 bear cross noted. pic.twitter.com/DvswX9cVps
– CoinDesk Markets (@CoinDeskMarkets) 10 worm 2019 р.
Also, the strength of the sellers is signaled by a bearish intersection of moving averages with intervals of 50 and 100, which occurred a few days ago.
Earlier, BlockchainJournal reported that July and August are not historically the best months for the price of Bitcoin.
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