Analyst gives Bitcoin forecast: Bitcoin's firm rejection confirms that further lows are imminent
Bitcoin is again in a sideways movement in the area of the top 6. 000 – dollar mark. It is important to note that after the rally, BTC made several attempts to keep the existing resistance at $ 6. 900 to overcome, but each one led to a decisive rejection.
This has prompted several analysts to determine that a significant breakdown could be imminent, which could potentially cause Bitcoin to fall back towards its annual lows.
Bitcoin enters another consolidation phase as resistance increases
At the time of writing, Bitcoin is trading in 6. 630 dollars. Every attempt the 7th 000 – Cracking dollar region encountered strong selling pressure. The decline has prompted Michaël van de Poppe, a popular crypto trader and analyst, to make an estimate that he will see a sharp decline towards 4 at BTC in the near future. 800 Dollar expected.
“Bitcoin: A quick rejection here at 6. 900 dollars. It can get stuck in this area for a while. If we go over 6 again 650 $, I expect a further development of area 6. 900 – 7. 000 $. All in all, however, it can be expected that 5. 400 and 4. 800 Dollars to be tested, ”he noted.
$ BTC #BITCOIN
A swift rejection here at $ 6, 900.
It can still hang around this area for a bit. If we break back above $ 6, 650, I 'm expecting another tap of the $ 6, 900 – 7, 000 area.
However, all-in-all, remaining to expect $ 5, 400 and $ 4, 800 to be tested in the coming period. pic.twitter.com/2eiAHUEadO
– Crypto Michaël (@CryptoMichNL) March 25, 2020
The macro market structure of the BTC shows signs of weakness
Jonny Moe – another popular analyst – said he was patiently waiting for an ascending wedge to collapse.
“He is still watching and waiting. It looks like we're getting closer. Note the descending volume profile. ”
Still watching, waiting. Sure looks like we're getting close.
Note descending volume profile. $ BTC pic.twitter.com/IMTX4i4bDE
– Jonny Moe (@JonnyMoeTrades) March 25, 2020
The pattern it refers to is extremely bearish and could open the gates for a significant decline once BTC has a confirmed breakdown below its lower limit.
In addition, Bitcoin's declining volume profile suggests that crypto is preparing for a massive move. Taking this coincidence of bear factors into account, it is likely that this next move will favor sellers.
Proof of text: newsbtc
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