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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cliff Hanger, BTC Slides 10.2% In A Early Stage Of A Correction

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) is down 10.2 percent
  • BTC may be a store of value, but President Trump’s skepticism could bog down progress

President Trump’s highlighting Bitcoin is bullish and hints of how disruptive the coin has been for the status quo. Leveling out the field and fronting end users, Bitcoin is huge for the libertarians. However, down 10.2 percent in the last week, BTC could register more losses in days ahead.

Bitcoin Price Analysis

Fundamentals

Presently, Bitcoin is at a brink. By printing massive losses over the weekend, there is a high risk that prices could tumble in the coming days. Although there was a slight response following president Trump’s comments on cryptocurrencies, the subsequent drop in asset prices across the board is negative.

While it may be a necessary correction following late Q1 and Q2 2019 rally, attention from a global leader, doubting the currency, should be a cause of worry. Even so, the advantages of Bitcoin and cryptocurrencies, in general, are numerous.

Firstly, its global nature cut out latency and extra Forex charges. Secondly, the lack of attack vectors thanks to its decentralization means it is immune to jurisdiction-specific turmoil. Because of that, Bitcoin is a store of value for citizens in imperiled economies as Venezuela, for example.

Speculative as it is, there is no doubt over the long term that BTC as a digital and valuable asset will be instrumental in shaping.

Candlestick Arrangements

Bitcoin BTC

At the time of press, it’s a cliff hanger for BTC. Printing red, the coin is down 8.2 percent in 24 hours and 10.2 percent in the last week. As such, the path of least resistance is visible. Because of last week’s lower lows, there is a three-bar bear reversal pattern in the weekly chart.

Correcting the inverted hammer of the week ending June 30, last week’s bear candlestick is hinting of weakness. Although participation levels are low and pale in comparison to those of week ending June 30, trading volumes are above average and therefore significant.

Pointing of a possible correction, traders can exit their long positions and simultaneously sell the pullbacks. Like in previous BTC/USD trade plans, the first target is at $9,500. However, ideal bear targets assuming sellers press lower is $5,500 as that will complete the retest before March-June trend resumes.

Technical Indicators

Week ending June 30 anchors this trade plan. If there is confirmation of last week’s three-bar bear reversal pattern with high trading volumes exceeding 299k, BTC will likely slump to $5,500 as aforementioned. Similarly, the rejection of lower prices with equally high trading volumes blasting past $14,000 will reveal buyers and Q2 trend continuation with first targets at $15,000 and later $18,000.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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