• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin’s Local Bottom Was Found at $6,800, Analysts Assert

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 2min read
Analyst: Bitcoin May See 30% Rally to $12,000 as Price Breaks Out
Advertisement

Ouch. Bulls haven’t had the best of weeks, with Coin360 reporting that Bitcoin (BTC) has shed some 14% in the past week, trading at $7,300 as of the time of writing this article. Despite the decisively bearish price action, some believe that this market is bottoming, at least for the time being. Here’s why.

Related Reading: Echo Bubble Narrative Grows Stronger as Bitcoin Struggles to Find Support

Has Bitcoin Found a Bottom?

Firstly, the Chonky One noted made a simple observation on Friday morning that Bitcoin’s local bottoms and tops can normally be easily determined; more specifically, “during a bearish weak, Bitcoin usually puts in the low of the week on the Thursday or Friday… the same is true for the high of the week during a bullish week.”

During a bearish week, $BTC usually puts in the low of the week on Thursday or Friday UTC.

Same is true for the high of the week during a bullish week. pic.twitter.com/BXAJ0Txl5f

— The Chonky One? (@ChonkyOne) November 23, 2019

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Indeed, as his chart shows above, Bitcoin sees its most extreme price action on the Thursday or Friday of the week for some reason or another. With $6,800 being tapped yesterday, a Friday, the low of the week is likely in.

That’s not all. Scott “The Wolf of All Streets” Melker noted that during yesterday’s plunge to $6,800, BTC’s four-hour Relative Strength Index (RSI) had 6.5, which is the lowest ever on Coinbase’s market and the lowest it has been in 2019. As the RSI oscillates between 0 and 100, a reading of 6.5, which is extremely rare, implies that the asset being analyzed is extremely oversold, and due to bounce as a result.

4 Hour RSI is presently 6.5, which matches the lowest that it has EVER BEEN on Coinbase and the lowest it has been this year. Buying some Bitcoin. pic.twitter.com/1DceRyuBsC

— The Wolf Of All Streets (@scottmelker) November 22, 2019

Pain to Come

While a local bottom was most likely found at $6,800, some still assert that more pain is likely in the coming weeks.

Indeed. Popular analyst Mac noted that the trend remains clearly bearish, even though bulls got some reprieve early Friday morning. The analyst backed this point by looking to BitMEX’s open interest, which is “keeping stable and increasing,” implying that few shorts are taking profit and buyers continue to open longs. Mac continued that Bitcoin loss the June volume-weighted average price level, and has entered a “void” in the cryptocurrency markets that could see BTC easily continue into the low-$6,000s.

Related Reading: Bitcoin Nears Key Golden Cross as Price Falls to $7,400: Bull Case Alive

Also, prominent gold proponent Peter Schiff recently brought up the idea that Bitcoin will return to $1,000, where it was trading prior to the 2017 bull market. More specifically, Schiff said that Bitcoin is nearing the neckline of a head and shoulders chart pattern, which suggests that if it’s broken, a measured move to $1,000 will be had.

Featured Image from Shutterstock
Tags: bitcoinbottomcryptocurrency
TweetShare14
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin BTC BTCUSD

How Bitcoin back above $60,000 could create a powerful upside move

3 hours ago
bitcoin real estate mogul

LA Real Estate Mogul Buys Bitcoin, Accepts BTC For Rent

22 hours ago
Bitcoin BTC

Why Bitcoin could favor USD dominance over Digital Yuan

1 day ago
Radio Host Dave Ramsey Warns Bitcoin Investor of His “Vegas Problems”

Radio Host Dave Ramsey Warns Bitcoin Investor of His “Vegas Problems”

1 day ago
Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator

Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator

1 day ago
bitcoin strong bull coinbase

Number Of Bitcoin Mentions In Company Earnings Reports Goes Parabolic

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Two Leading Russian Media and PR Agencies United Into One Full Cycle Advertising Agency

April 9, 2021

Southampton FC Extend Partnership Deal with Blockchain Leader the Coingaming Group

April 9, 2021

Omni.ai Releases Whitepaper for Alternative All-Inclusive and Revenue-Sharing Social Media Platform

April 9, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.