Highlights of Bitcoin price
- There is support of $ 2,000- $ 2,500 and $ 3,000- $ 3,500.
- Prices have fallen below the 200-week moving average.
- BTC may be following an ascending support line.
- Weekly RSI is almost at the lowest level ever.
My spot buys are in Gray. pic.twitter.com/bkBWwHDLLb
– € ｕｒｏＳｎｉｐｅｒ (@TheEuroSniper) March 16, 2020
Will Bitcoin price reach its goal, or will it reverse before doing so? Let's analyze.
There are two main support areas, created very similarly. Both initially created a long lower shadow before the price returned to the area, in order to create momentum for the next up move.
The $ 2,000- $ 2,500 area was last reached during the lows of July 2017, before the whole upward move led to ATH. The price initially reached the area in June, creating a long lower shadow. The price then rebounded and began a six-month uptrend.
The $ 3,000- $ 3,500 area plays a supporting role by the end of September 2019, creating a long lower shadow that acts as a momentum maker. The price then returned to the same level in December 2018, accumulating slowly before starting to move resulting in a high of $ 13,764 in June 2019.
Therefore, these are the two main areas that can provide a reversal to the current price drop.
The technical indicators make conflicting predictions but highlight two strong levels of support on a given target of $ 2,000- $ 2,500.
First, we can see that during the December 2018 bottom, in addition to the $ 3,000 – $ 3,500 support zone, prices have rebounded on both the 200-week MA and the ascending support line that prices have followed since. July 2017, when it created lows giving us the $ 2,000- $ 2,500 area. Currently, the price has lost MA support but there is still support line increasing gradually.
In addition, the weekly RSI is almost at the same level (30) as of December 2018, despite the higher prices, potentially creating hidden bullish divergences. The lowest ever RSI value ever was 26, recorded in January 2015. Such oversold weekly RSI values often indicate an approaching reversal.
In conclusion, BTC price has reached a long-term ascending support line and bounced up weakly. While we do not refute the possibility that the price will fall towards the targets at $ 2,000 – 2,500, there are two significant levels of support above it that can reverse the price. Even if the price has arrived there, it is still likely to bounce back and retest the $ 6,000 resistance level.
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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