First of all i Hope you all are staying safe and healthy.
Bitcoin Price Analysis
As of this week Bitcoin (BTC/USD) has been lingering in the price range of around $6,000 and $7,300. That in fact can seem like a stable week for $BTC.
There is another fact that we can’t turn away from. That fact is due to low volatility volume has declined. This low volatility and low volume can be looked at as a big move coming up in the crypto market. As we all know a big move can either be the bulls getting stronger and pushing the price up or the bears crushing the price lower and lower. It really is hard to gauge due to the Covid-19 pandemic and the extreme toll it’s taking on our global economy.
Critical Resistance for Bullish Momentum
Bitcoin is poised against a critical resistance for bullish momentum. If $BTC passes over the resistance of $6,900 – $7,100 this will let us know there is a high possibility of the price going up. Breaking that resistance would also mean that the price of bitcoin can run up to $8,000. In order for bitcoin to maintain a bullish momentum we will need to see $BTC remain over $6,300-$6,400 for support. As soon as $BTC breaks through the $6,900-$7,100 resistance we can start seeing some nice long green candlesticks form. $BTC can easily reach $7,800-$8,000 when those green candles start showing up. If somehow the bulls are powerful enough to surpass support levels of $7,800-$8,000 we can have as further upward momentum that can be expected to reach targets as high as $8,500, $9,000 passing $10,000. That would show strength, Stability and would put a nice smile with in the crypto community.
$BTC Can Become Bearish
On the other hand, $BTC/$USD can become bearish due to the current economic situation. The Covid 19 pandemic has put the global economy under massive pressure and uncertainty. Instability brings low volume, Strong resistances, and a high possibility of a downtrend 🙁 If $BTC can’t muster the strength to pass the $6,900-$7,100 mark then we can expect the price to go down to around $5,600-$5,800. Also, needless to say if $BTC falls below $5,600 a further downward momentum is what we might see. This would be bad news and hopefully this will not happen but with these uncertain times we can only see what happens as it happens.
Make Wise Decisions
Stay informed and make wise decisions. As a suggestion and as my opinion the market may be hanging out with some nasty bears for a while. The hope is that this epidemic goes away or at least slows down so we can all go back to work and investing in our future becomes #1 again. The hope is that Bitcoin among other cryptocurrencies can find a nice Bull run but until then keep safe. I will continue to post updates with the hope to keep you all well-informed.
For more in depth market analysis please (click here) cointelegraph.com.
3 thoughts on “Bitcoin Price Analysis”
I’ve been watching BitCoin like a hawk on the Robin Hood app. While I haven’t made an investment in BTC I have been putting my money in many other locations hit hard by the COVID-19 pandemic in hopes that these locations will recover either later in 2020 when this mess is behind us or in 2021, or whenever the economy stabilizes itself once more. Keeping my eye on BTC though, because when my online hustles take off and I have money to spare, it can definitely turn into a nice profit if it hits bull status. If it drops into bear status, I’d definitely be more than down for a share or two.
Hi, thanks for your post and analysis on BITCOIN. This subject is always full of uncertainty and it is not usually easy to predict correctly how far and to which direction the movement will be. But personally based on my little knowledge I gained when I was in Luxemburg for a Blockchain technology study, there will be serious disruption by crypto currencies soon. The world will come to accept it just as we have all accepted Covid-19. Great post. Cheers
I even saw Bitcoin fall to $4,600! It was for two hours maybe less but I saw it 2 weeks ago.
Depending on the whole world situation I’m very sure that it’s not going to raise more, my prediction would be a great downfall, especially when the coroni things dissappears and they have an excuse for the world financial crisis, by the end of this year I’d say that Bitcoin isn’t goin to be more than $3500