Could Bitcoin's new low price be $5000?

Could Bitcoin's new low price be $5000?

By jordanjnr | Crypto Digest | 4 Dec 2019


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This post is part of a series I want to start on this blog where I analyse bitcoins price for the day. Please comment below if it's something you'd like to see frequently.

Bitcoins recent moves have left me in a sad and confused state.

Sad because I have to watch my investments crumble whenever the price falls.

And confused because I'm not sure if it's worth buying more(it probably is).

But Bitcoin has been making some moves lately. Downward moves that frighten me.

Check out this analysis.

A few days ago,Bitcoin started a short lived uptrend to about $7.8k dollars. 

But that trend didn't last long as Bitcoin couldn't shake the bears. The price has since then consolidated and is currently trading at $7.28k.

The coin also briefly tested $6.6k last week before shooting back up to 7.2k, where it has since traded sideways for the past 3 days or so.

The 200 week Moving average has been bounced off by Bitcoin in the past few days. Bitcoin hasn't traded below or above this average.

Also,if Bitcoin's low of $6450 is broken this week,this could see the digital currency consolidating at $6000, and eventually running down to $5000 if it can't keep up with the bulls.

On the other hand,if bitcoin can rally back to it's last week's high,it could mean a bullish reversal for the top cryptocurrency by market cap,just like the 42% bull run back in October.

But at the time of writing this,the price stays at $7.2k.

Please if you find this post interesting entertaining or educative kindly leave a tip down below to support my work. Thanks,and to the moon!


jordanjnr
jordanjnr

Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!


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