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Home » Bitcoin falls from $29,000, where is its price going?

Bitcoin falls from $29,000, where is its price going?

Bitcoin (BTC) fell from $29,000 on Aug. 17, the support level (minimum range) it had sustained for two months. At press time, the transaction price is around $28,500, the lowest since June 21.

The analyst described Mustache with this scenario he showed that “BTC is approaching very important lines”. These are the 200-week simple moving average (SMA), the 21-week exponential EMA, and the top of the Gaussian channel as shown below.

BTC is above these three indicators. Source: Mustache.

The first two lines mentioned measure the average price Bitcoin has had over the long term. Because of this, they could act as areas where the currency could find support as it trades above or below the rate.

Meanwhile, the Gaussian channel is a technical indicator that signals potential price reversals each time it enters its zone. If it comes from below, it could reflect a bullish signal, while if it comes from the upper zone, which is close to the case at the moment, it will reflect the opposite.

With this in mind, Mustache believes that the moving averages area above the Gaussian channel could be where Bitcoin makes new lows. AND expect “a strong recovery” from this region.

On the downside, the analyst, who identifies as Rekt Capital, is comfortable with a drop to around $28,500 taken into account that “BTC would have to fall from another 9% to 13%” to complete his potential double top.”

Bitcoin would form a double top pattern. Source: Rekt Capital.

The double top is a technical pattern that signals the end of an uptrend. It consists of two price highs near the same level and a temporary bottom between these two points. After the second high, if the price breaks below the support level you set in the middle, it signals a bearish signal.

As the graph shows Bitcoin formed this pattern, posting two highs in April and July at $31,000-$32,000 with an intermediate minimum of $25,000. Therefore, Rekt Capital believes that if the current price drop breaks below this level, the market would look for a new low below.

According to some analysts, $27,000 for BTC is possible after the crash

For analyst Michaël van de Poppe, this is a time of uncertainty for the market and the current decline reflects weakness. He’s been claiming that ever since There could be a “continuation phase” hereie consolidation around $28,500 or ‘deviation’ from its previous resistance shown on the chart of $27,000.

Bitcoin could drop to levels before the rally that started in June. Source: Michael van de Poppe.

The resistances, which are areas of highs due to more supply than demand, tend to become support levels over time and vice versa. This usually happens due to investor psychology when there is a price fall or rise. Therefore A return to $27,000 could be an optionaccording to Michael van de Poppe.

According to the pseudonymous dealer crowthe high levels of $27,000 are a good place to buy as the coin is also thought to apply a brake here if it breaks down to its previous resistance.

These predictions are made while other specialists reported by CriptoNoticias have warned about it BTC needs catalysts for demand to grow and drive the price up, as does the expected approval of the spot currency’s first exchange-traded fund (ETF) in the United States.

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