Bitcoin price analysis: Correction or accumulation? BTC struggles near $35k
Bitcoin has been trending sideways for the past few weeks. The Bitcoin price has been ranging from $35,000 to $33,000. Today, the Bitcoin price established a lower high of $34,850 on Bitstamp, which is a bearish sign. If the Bitcoin price breaks below the $33,000 mark, it will likely test the $31,000 support. However, it is unclear if the bulls are ready to defend the $33,000 support, which is a worrying sign.
The past few weeks have been somewhat difficult for Bitcoin, as the dominant cryptocurrency fell from $42k to a low of $34k before quickly rebounding to its current price of $37k. Many analysts are predicting that Bitcoin will continue to fall, approaching the $31k level before stabilizing and beginning a new upward climb. However, there is a small cohort of traders and analysts who believe that the market is currently in a long-term accumulation phase, and that the current price dip is actually a great opportunity to buy at a discounted price.
The price of Bitcoin has been struggling to break out of a symmetrical triangle formation over the past 4 months, since it topped out at $20,000 in December 2017. The 200-day moving average is currently just above $5,800, an area at which the market has been gathering strength since February.. Read more about bitcoin price correction prediction and let us know what you think.
Bitcoin price analysis remains confusing because the price trend is unclear.
BTC/USD is struggling to break through the $37,000 barrier and is trading close to $35,000.
Further declines are expected as the pair shows weak technical indicators.
Bitcoin has lost 37% of its value in the past month, resulting in significant declines.
Cryptocurrency Heatmap by Coin360 Is BTC experiencing a similar decline to 2017, or is this just another period of accumulation? Current price trends show a deeper malaise in the charts as the price action becomes unclear. While this is not a true bear market, sellers have the upper hand. A sustained price movement below $40,000 indicates a tendency for further price weakness. Traders and investors have not yet taken significant buying positions. BTC/USD has repeatedly failed to cross the $40,000 mark despite numerous attempts. Analysis of the bitcoin price shows that the lack of liquidity and volume further complicates the situation. The overall market trend is undeniably weak. The price will need to pass $36,000 in sufficient volume and close above $38,500 to attract buyer interest. The weekend’s low liquidity will limit gains below $40,000.
Bitcoin price in the last 24 hours: Difficulties in crossing the border $40,000
The price is in a roller coaster ride while BTC/USD is failing to find momentum to move forward, according to bitcoin price analysis. A bearish reversal is becoming a phenomenon just as BTC is trying to overcome many obstacles. A reversal of the consolidation phase in favor of the bulls is unlikely. Slowing momentum will give sellers another chance at $30,000 if next week proves anemic. Analysis of the bitcoin price shows that the BTC/USD pair fell as much as 37% in May. Such a sharp decline was last seen in 2017 and marked the beginning of a prolonged bear market. Bitcoin is trading below the 200-day and 100-day simple moving averages, indicating chart weakness. The correction phase could turn into a bear market if the BTC/USD pair stays below $35,000 for a few weeks. Support on the intraday charts looks weak, and the bullish charts could turn into a bearish trend if the current price momentum persists. The price has remained below the $36,700 to $33,500 level for the past 24 hours with no breakout. Analysis of the bitcoin price shows that further declines towards $32,500 cannot be ruled out as sellers ramp up their activity.
Chart four hours BTC/USD: Small candles give little hope of a breakthrough
bitcoin price chart from TradingView The hourly charts show no chance of a quick breakout. Any short-term decline could reinforce the selling trend and push BTC below the $30,000 support zone. Bitcoin price analysis shows that the oversold market could correct upwards towards $38,500. Still, there will be plenty of opportunities for bears to short the BTC/USD pair before it confidently breaks through the $40,000 barrier. The price of BTC could be volatile next week as the tug of war between the bulls and the bears intensifies. The RSI remains in oversold territory and is coming back to life on the daily charts. Traders should exercise caution, however, as the RSI on the weekly chart is showing bearish tendencies. Thus, the upside potential remains limited to $40,000.
Bitcoin Price Analysis Number: BTC bulls must act fast
The $30,000 support area should hold up well if BTC/USD breaks through $40,000 resistance. There is support at the $36,700 level where the 0.786 Fibonacci resistance is a solid bullish area. Above that, sellers will find support at $32,400 and then at $31,180. Bulls are likely to experience resistance first at $38,000 and then at $40,000. A January high at $42,000 would further undermine bullish hopes for a rebound to the psychological resistance of $50,000. Initial resistance at $40,000 also represents the 200-day moving average and Fibonacci resistance at 0.382. For the pair to break through the $40,000 level, the confluence of technical indicators needs to turn bullish. Whether the current BTC price trend turns into an accumulation phase or a bearish phase depends on how bitcoin performs in the coming week. Bitcoin price analysis shows that the weekly charts of BTC are still neutral and not yet bearish. So the BTC bulls still have a chance to accumulate at lower levels and continue the uptrend on the long-term charts. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Actually, the Bitcoin price is not attempting to break out of the $35k resistance. There is no real support at that price level. Bitcoin is heading lower and it will find support at $17k and then $11k later in January 2019.. Read more about bitcoin technical analysis today and let us know what you think.