A historic massacre that will leave deep scars! – This is a week that is likely to impress the cryptocurrency market. But if we limit ourselves to the graphics level, it is clear that Bitcoin (BTC) has declined. Indeed, the output of the range in which it has been developing since the end of January was unfortunately from below.
Under these conditions, the already uncertain price trend of the crypto-king is now turning into a bearish regime since his last ATH in November 2021. Although this worst-case scenario requires confirmation next week, many investors are leaving. And because that wasn’t enough to achieve the goal, the unfavorable signals of the latest BTC technical analyzes were in full swing. With the idea that a bear run could be extended to a fairly beneficial purge.
We bring you this analysis of the price of bitcoins in cooperation with Coin Trading and its algorithmic trading solution finally accessible to individuals.
Bitcoin – seven in a row?
Without getting really wet, Bitcoin seems to be well on its way to consolidating its series of seven consecutive weeks of decline. Especially since it would be a historical primacy since its existence. But that’s important elsewhere, as the $ 35,000 support, which was previously the lowest point of the year, has been broken. In such a way that BTC’s price trend becomes bearish, confirming two ever deeper highs and lows. This results in a significant weighting of the descending line since its last ATH in November 2021.
As for the development of various Ichimoku curves according to the latest movements in weekly units, there is no indication of a return to optimism. First, At the same time, bitcoin and Chikou Span prices are moving away from the bottom of Kumo (cloud), Senkou Span B (SSB). On the other hand, Kijun, which has long stagnated around $ 52,000 resistance, is slipping inside the cloud. And from accelerating the decline of the King of Cryptocurrencies to 30,000 USD.
At the same time, The fact that the King of Cryptocurrencies sees his supports gradually breaking further reinforces the crucial role of the bear-head-to-shoulder (ETE) chart pattern in the current bearish run. These are many negative technical signals that are unlikely to reassure cryptocurrency investors.
Bitcoin – $ 30,000 to the rescue?
If bitcoin has managed to get back to the $ 30,000 support level, the fact remains that there will be a new attack on the cards from the dealers in the coming days. But still bearish pressure appears to be breathless in daily units. This would leave time for technical reflection, despite Chikou’s prices and margins.
This Friday, May 13, we are watching the dawn. As a reminder, this is an inverted pattern consisting of three candles. The first is a bear candle followed by a small bull or bear candle that closes under the first candle. The third is a bull candle.
In this case, the second candle looks like a doji, while the third lacks conviction due to its reluctance to beat the $ 30,000 support, which was last year’s minimum. On the other hand, the price gap between BTC and Tenkan seems to be far apart. A possible filling with new bull candles would confirm the morning star with a short-term goal of 35,000 USDfuture former support turned to great resistance.
In short, the bitcoin bear run since its last ATH in November 2021 is at the chart level, whether you like it or not. Not only the revival of its dominance indicates that we can end the ALT season until further notice. And if the cryptocurrency king remains correlated with stock index developments (and therefore willing to take risks), $ 30,000 in support would be put under pressure from sellers. Below this critical threshold, there would be little left to find a valid starting point.
To make matters worse, the unfortunate events of UST stablecoin, which sowed a mad wind of panic throughout the cryptotrump, left scars on both retail and institutional investors. As a result, and although it is my own, I fear that there may be a crisis of confidence in this young asset class for some time. In that case, the hypothesis that the price of bitcoin would go to the symbolic $ 20,000 column would no longer be a fantasy. But in the end, it wouldn’t be worth it reset to start again on a real bull run of the highest quality?
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