The price of the leading crypto Bitcoin dipped again above and below $20,000 this week. According to crypto analyst Filip L, BTC price is trading in several technical patterns that are creating further turmoil. The analyst recommends $16,020 or $24,000 to long or short the trading plan. We have prepared Filip L’s BTC analysis for our readers.
“If bitcoin price was a bet, he would bid 5 to 1”
The new monthly pivots came in more narrowly than in June. Hence, Bitcoin price is seeing a sharp drop in volatility. It is possible to see a similar pattern between April and May. The falling knife incident took place in May. It then wiped out 30% of its market value at one point. The risk on hand is that a similar move will happen next month as almost two hands are needed to count all bearish signals in Bitcoin.
If there was a bet, the Bitcoin price would be quoted on 5 to 1 betting shops as it is now. Five bearish elements outweigh just one bullish signal. With that, it looks like a done deal and a concise article to do. But there is something important worth mentioning that you can read in the last paragraph. For now, we need to look at the bearish elements at our disposal for the markets to talk about a bull trend rather than a bear trend. In addition, it is necessary to pay attention to the elements that need to be broken.
“There are five bearish elements that are pushing BTC down further”
BTC price is in a downtrend, with the 55-day Simple Moving Average (SMA) falling below the 200-day SMA, marked by a death cross. Worse still, the same 55-day SMA worked as a watchdog as an upper bound on price action moving along the downtrend. In line with the falling 55-day SMA, a red descending trendline is acting as the backbone of the downtrend.
Also, it is forming a bearish triangle with the base at $19,036. In addition, it looks like the upper leg of a downtrend channel with the old blue uptrend line as the lower leg. Looking back, there are five bearish elements currently hanging over the BTC price action, only pushing it further down.
“Bitcoin price will consolidate more”
As noted in the introduction, new monthly pivots are converging. This means that the price action will only be more consolidated. It also shows that support is much closer together to catch more slippage in price action. BTC price will seek support at $16,020. Also, BTC is holding close to catch any breakouts from S1 monthly at $14,460.
cryptocoin.com As you follow, the seasonal summer recession starts with less liquidity. This creates the environment for the bulls to strike now. It also makes a case for pumping the price action up to $28,695. Additionally, the red is breaking the descending trendline and the 55-day SMA. Moreover, it draws the inequality between bears and bulls into a full bullish playground.
