Since its last high at $ 10,500, the Bitcoin price has already lost almost 15 percent! Will the Bitcoin Price Fall Even Lower?
Bitcoin and Ethereum price forecast on Youtube:
In the last Bitcoin price forecast we wrote:
“The correction goals are thus divided as follows:
- $ 9,600 – $ 9,773
- $ 9,000 – $ 9,300
- $ 7,800 – $ 8,000“
Bitcoin price forecast – on the way to correction target 3?
In fact, everything has gone according to plan so far. First corrected Bitcoin to correction target 1 and then shot up 7.5%. However, it didn’t take long for the Bitcoin rate to continue correcting. It fell back to our correction target 2, whereupon Bitcoin even shot up 8 percent! After that, Bitcoin was rejected from the 0.382 Fib level at $ 9,976 and has been in a massive downward movement ever since.
Right now, at around $ 9,000, the Bitcoin price could find support again. However, it currently seems more likely that Bitcoin will make correction target 3, which is at the golden ratio, between $ 7,800 – $ 8,000. However, the RSI will soon reach oversold regions, so the end of the correction is not too far away, at least temporarily.
Bitcoin price forecast – early support?
The Bitcoin price has even left its downward channel, which also serves as a bearish confirmation. The MACD is in a strong downward movement and the histogram is ticking lower. However, before reaching our correction target of $ 7,800 – 8,000, bitcoin could find horizontal support early, between $ 8,500 – 8,800.
In any case, the Bitcoin price may not close below $ 7,800, otherwise the medium-term bullish trend would be negated.
Bitcoin price forecast – bullish scenario!
For bullish price prospects, the Bitcoin price must rebound at $ 7,800 at the latest and continue its upward trend. There is currently no reason to assume that the bullish scenario will not materialize if key support is held at $ 7,800.
Bitcoin price forecast – bearish scenario!
If Bitcoin does not, but maintains its bearish price pattern, it will find its price targets in the following stages:
- ± $ 7,800
- ± $ 7,200
- ± $ 6,400
- ± $ 3,300
There is currently no reason to believe that Bitcoin will maintain the bearish price pattern. Bearish price prospects only exist when a daily candle below $ 7,800 closes sustainably. As a result, our price target of $ 11,200 is still intact.
If Bitcoin’s trendline at $ 10,600 breaks, then he has 3 course goalswhere very strong resistors lie:
- ± $ 11,200
- ± $ 13,800
- ± $ 18,000
>> Buy Bitcoin at the current Bitcoin rate. <<<
Click here for the Telegram Trading Group
Best regards and successful trades
Konstantin
Nexo – your crypto bank account
Instant crypto loans from just 5.9% interest per year. Earn up to 8% interest per year with your stablecoins, USD & GBP. $ 100 million custody account insurance.
–
ad
–
–
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission – however, the prices do not change for you! 🙂
Also note our disclaimer.
If you are considering opening an account with a CFD provider, you should know that CFDs are complex financial instruments that involve high risk of losing money quickly through leverage. Most retail accounts lose money when trading CFDs,
–
–
–
You might also like
More from analyzes
–
