{"id":410384,"date":"2020-01-10T11:00:46","date_gmt":"2020-01-10T11:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=410384"},"modified":"2024-06-11T10:37:54","modified_gmt":"2024-06-11T10:37:54","slug":"why-analysts-think-bitcoin-price-verge-of-crash-6000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/why-analysts-think-bitcoin-price-verge-of-crash-6000\/","title":{"rendered":"Why Analysts Think Bitcoin Price On Verge of Crash to $6,000"},"content":{"rendered":"

After a strong uptrend that brought Bitcoin<\/a> from $6,800 to $8,450 in a matter of a few days, the cryptocurrency market has started to take a massive breather. Since peaking at the key $8,400 resistance just the other day, the price of BTC has plunged by 8%, tumbling to $7,800 as of the time of writing this article.<\/p>\n

Related Reading:\u00a0Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs Appeared<\/a><\/h6>\n

While some say it is too earlier to tell that this is a full-fledged reversal, analysts are wary that this pullback is a precursor to a drop into the $6,000 range, which would likely perpetuate the bear market Bitcoin has found itself in over the past six-odd months.<\/p>\n

Bitcoin Poised to Fall Towards $6,000s, Analysts Assert<\/strong><\/h2>\n

CryptoHamster noted that the price action seen after Bitcoin tapped $8,400 has been rather negative.<\/p>\n

Firstly, the local volume peak marked the top, seemingly implying that it was a so-called blow-off top, which is a chart formation most often followed by deep retracements. Secondly, the TD Sequential is about to print a sell nine candle, implying a strong bearish reversal in the coming days that will only amplify what has already been seen.\u00a0And lastly, the ADX and Fisher Transform \u2014 two directional technical indicators \u2014 suggest that bears are taking control after the short rally by bulls.<\/p>\n

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That drop below 23.6% Fibo looks bad.
Also:
\u2013 widening formation (uncertainty)
\u2013\u00a0the volume peak was at the top
\u2013\u00a0TD sequential green "8" (if next is "9" \u2013\u00a0a sign of a drop)
\u2013\u00a0ADX is below 25 (the rising trend is weak)
\u2013\u00a0a Fisher Transform bearish crossover$BTC<\/a> $BTCUSD<\/a> #bitcoin<\/a> pic.twitter.com\/lrIdCCvWgv<\/a><\/p>\n

— CryptoHamster (@CryptoHamsterIO) January 10, 2020<\/a><\/p><\/blockquote>\n