2019-1-14 18:14 |
Bitcoin Weekly Chart – Source: Tradingview.com
Although last week started with the price of Bitcoin consolidating, the ultimate result was price action recording an extremely bearish week.
Price formed a high of around $4112 last Tuesday before depreciating over 10% for the week.
Bitcoin Daily Chart – Source: Tradingview.comPrice action has started this week with a rise from the low formed last week around $3476.
$3476 is now a key level to monitor, and if the price drops below this point, there is no clear support until the low of 2018 at $3122.
Last weeks performance from Bitcoin has resulted in many analysts having more bearish outlooks for cryptocurrencies.
At the start of last week, there was a reasonable chance price could surpass $4240 and form a higher high.
This week, price action is firmly back in the downtrend territory of lower lows and lower highs.
Bitcoin 4-Hour Chart – Source: Tradingview.comThe 4-hour chart shows more clearly the high of last week at $4122 failing to surpass price actions former high near $4240. After some consolidation price broker down from here.
The first bearish drop was followed by a brief period of consolidation before another bearish drop took place.
This was followed by a longer period of consolidation with the price dropping to a low of $3476 yesterday.
Price began a recovery where it reached a price of $3586 but has since begun to consolidate between $3476 and $3586.
For the current price action, these are the key levels. However – the longer that price action trades consolidates within this range – the more likely the next significant movement will be a bearish one.
Key Takeaways: Last week started off with markedly more bullish prospects with price holding a reasonable possibility of forming a new high. After failing to do so, price underwent a drop of over 10% for the week. Price action has started off this week above last weeks low of $3476. Price began a recovery where it reached $3586 but has since begun consolidating. Price underwent bearish movements after two periods of consolidation last week forming a bear flag pattern. The longer price consolidates currently, the more likely the next significant movement will be a drop. Latest Bitcoin News:Does the January Effect Exist in Cryptocurrencies? A Look Back at Bitcoin’s Past January Performances
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Price Analysis – Bearish Prospects After Current Consolidation was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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