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Another day has brought another movement in BTC markets and yet again it has been downwards. As bitcoin price battles to stay above $10,000, analysts are looking at new levels of support.
Bitcoin Bart Patterns Back
Yesterday’s bounce from $9,500 topped out at around $10,180, hitting the 200-hour moving average twice. A few hours ago the ‘Bart pattern’ materialized again as BTC plunged back down. Three large red candles resulted in a drop to $9,660 according to Tradingview. Bitcoin price is currently trading just above that at 00
The Bart pattern was not lost on crypto traders on twitter as one pointed out just before the dip.
— Chonis Trading- (@BigChonis) July 25, 2019
The previous dip was just above $9,500 so BTC needs to hold above its current level or face further losses which could send it back to $9,200 today. Most are still of the opinion that further losses are likely as the downtrend remains intact. Crypto trader ‘BenjaminBlunts’ mapped out a possible scenario for the next couple of months which shows a dip deep into the $7,000 price range.
“Due to the deep decline off yesterday’s highs this next wave up more likely still a corrective flat and this is the scenario i have in mind for BTC, trading more or less sideways until august, but ultimately break down again. This scenario can still set the stage for alts though”
due to the deep decline off yesterdays highs this next wave up more likely still a corrective flat and this is the scenario i have in mind for BTC, trading more or less sideways until august, but ultimately break down again.
This scenario can still set the stage for alts though pic.twitter.com/2MpiFy6xOu
— BenjaminBlunts (@SmartContracter) July 26, 2019
On the daily chart, the bitcoin price appears to be consolidating still just below the 50 day moving average. A retest of this would take BTC back to $10,200 but a decline eyes the $9,200 level.
Altcoins in Lemming Mode
As usual, the altcoins have blindly followed bitcoin’s lead as most of them are dumping today as well. The $10 billion that flowed into crypto markets yesterday has all been lost today as total capitalization slides back down to $270 billion once again. Daily volume has also now dropped below $50 billion as things cool down in crypto land.
The digital lemmings are mostly in the red this Friday morning. Ethereum has dumped 3% in a fall back to $215, Bitcoin SV is down a similar amount. The only altcoin in the green in the top twenty is Bitcoin Cash but it has only eked out 2% reaching $312.
Nano is today’s big mover and the only altcoin gaining double digits in the top one hundred. There are a few of the lower cap altcoins dumping doubles but there is very little movement for the majority of them at the moment.
Will bitcoin price fall back to $9k this weekend? Add your thoughts below.