bearish chart

Analysts Turn Bearish On Bitcoin As Crypto Markets Run Red

Avatar Martin Young 3 months ago

Bitcoin has remained above five figures for another day, but only just. As the red seeps in to crypto markets, analysts are leaning bearish with further losses predicted before any meaningful upsides.

Bitcoin Slides Towards Four Figures

Following a couple of visits to $10,400 yesterday and a generally positive start to the week, Bitcoin is on the back foot again. A couple of recent candles during the Asian trading session have dropped prices back to $10,100 as another dip back into four figures is looming.

bitcoin

BTC price 1 hour chart – Tradingview.com

Zooming out reveals that the market chop has simply continued and more consolidation is likely. Some analysts are eyeing short term losses before long term gains. Trader and analyst ‘CryptoFibonacci’ has identified a large bullish pennant forming on the day chart which may run for another two months.

“A very nice Bullish pennant. Do I buy in here? Depending on your timeframe, you sure can. Unless you have over $20,000, is it gonna make your day or make you a millionaire? No, it won’t. So, just get that thought out of your mind. It is my view that until this closes below 9,000 that we go higher.”

Other traders such as ‘WelsonTrader’ have reveled in the recent chop and swing action on markets. Another shorter time frame pennant has been identified here and this trader is bullish on it. A close above $10,500 would be bullish while below $10k would be a bearish breakout.

“A lot of traders are scared of #Bitcoin’s recent price action, although I think this last few months have been some of the easiest times to trade! This is the second wedge we’ve formed, and they provide almost guaranteed profits!”

Others such as ‘dave the wave’ remain bearish stating that the MACD cross is starting to tell the story in the short term. He added though that this would be good for more consolidation and accumulation opportunities.

Elsewhere on Crypto Markets

Since this time yesterday crypto market capitalization has shrunk by $5 billion as BTC runs out of steam above $10k and the altcoins dump again.

Ethereum has dumped over 2 percent as it falls back to the $185 level and support. XRP is also in decline below $0.27 and Bitcoin Cash is looking bearish as it approaches $300.

Binance Coin has dumped 5 percent as it slides back to the $25 level while Bitcoin SV has begun its inevitable decline following a court ruling in favour of the plaintiff who was rewarded half of Craig Wright’s Bitcoin stash valued at an estimated $5 billion at today’s prices.

Image from Shutterstock
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