Bitcoin can directly teleport to $8,000; Here's what traders say.

Bitcoin can directly teleport to $8,000; Here's what traders say.

By stvleong | Steven Leong | 18 Jun 2020


The consolidation stage of Bitcoin showed no sign of leaving it in any moment, since it had been floating at around $9,400 since it had been able to bounce back from its recent $8,900 lows.

It's important to note that in the past few weeks, the cryptocurrency has reached lower peaks. First, it posted a $10,400 rejection. It then rebounded back to $10,050, before a $9,600 rejection later.

This trend indicates that buyers of the benchmark digital assets are not driven by underlying strength and may indicate a break below its $9,000 lows in the days and weeks ahead.

One analyst notes that he anticipates that he will be able to teleport to $8,000 in the near future and not find any substantial support over that level.

Other traders have even worse views, one pointing to a pattern that Bitcoin may fall as low as 7,000 dollars in the weeks ahead.

Bitcoin degrades technical power as it hovers over main help
At the time of writing, Bitcoin trades at its current price of $9,400 by about 1 percent.

Although no steady downtrend has occurred and dips below $9,000 have been short-lived, the ability of buyers to extend the huge momentum they saw since mid-March is worrying.

There are other favours that also appear to indicate that the downside could be imminent, including the potential triple top which was $10,500 and the successive refusals which it has posted at $10,000.

Whether or not these lead to a downward trend depends on whether bulls can defend the area at less than $9,000.

One analyst talked about the significance of this new support, explaining that a decrease below it could open the door for a sharp drop of up to $8,000.

He doesn't believe support in the upper region of 8,000 dollars will slow down.

"The primary BTC scenario is still the same and is shared in the chart. Losing 9,150-9,250 dollars and I think we're going to skip $8,800 to low $8k, "he said.

888463b2d56798cfc01c43f7ae8e9c241c6fcfd3546238aad6e78b545ad25bea.png

Source: Tradingview

BTC could see an even deeper decline in this technical pattern.
Another well-respected analyst clarified that a potential end-to - end training on Bitcoin's Ichimoku Cloud pattern could mean the upcoming push to $7,000.

0a0da79018e319ea976c955c83d10df6004ae2882c3df3f49f25cc2236414f23.png

Source: Chart from Tradingview

It seems that this possibility would become more likely if buyers put it in the cloud at approximately $8,800.

The downside target of this would be just over $7,000.

 

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stvleong
stvleong

I'm a Digital Marketing Lead | Crypto Trader | Affiliate Marketer and love to write posts related to crypto and anything that is interesting.


Steven Leong
Steven Leong

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