After spending the last few days trading in a tightening range, Bitcoin (BTC) price dropped from its pennant structure and closed below the 20-day moving average ($18,600). Since topping out at $19,888 a number of analysts cautioned that Bitcoin price was at risk of a strong pullback if it failed to either secure a daily close above $19,500 or at least hold $19,000 as support.
During Bitcoin’s most recent bull phases the price has held above the 20-MA so a daily close below this metric could be a signal that a short-term trend change is in order. In this instance, it also appears that bulls are yet to purchase the current dip. As the price dropped and the daily close approached crypto analyst Alex Saunders said, “Unless $18,700 holds, the descending triangle likely takes us lower short term.”
On the other hand, Cointelegraph analyst Micheal van de Poppe tweeted that despite the drop Bitcoin price is: “Still in the range, but the more often support gets tested, the weaker it becomes. Volatility will likely occur between $18,500 and $19,500.”
Van de Poppe further explained that the “BTC price level below $20,000 has been accompanied by diminishing volatility and volume, making it increasingly difficult to predict the direction of the next move.”
Now that BTC appears to be trading in a descending triangle, traders will watch $18,013 to see if the price can form a double bottom at the triangle support. Below this level, the volume profile visible range and market structure suggest that there is also support at $17,800.
If $17,800 fails to hold as support, Bitcoin price could drop to $17,200 then $16,400 which is near the 23.6% Fibonacci retracement. In a previously published analysis, Micheal van de Poppe also pinpointed a large CME gap from $18,275 to $16,995.
“Generally, 95% of the CME gaps get filled, which raises the probability of price dropping back to these levels in the short term.” This suggests that failure to hold the aforementioned levels as support heightens the chance that Bitcoin price snatches the liquidity below and re-visits the $17,000 level.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 82% | 23 | $64 742.01 | 0.64% | 1.77% | $1 274 780 684 025 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 76.4% | 51 | $3 172.49 | 0.83% | 3.31% | $387 195 965 458 | ||
3 | USDT | Tether predictions | 94.8% | 1 | $1.000151 | 0.10% | -0.03% | $110 480 177 546 | ||
4 | BNB | Binance Coin predictions | 88.8% | 19 | $613.50 | 0.94% | 11.20% | $90 545 078 851 | ||
5 | SOL | Solana predictions | 68% | 71 | $147.24 | -1.60% | 4.31% | $65 823 089 907 | ||
6 | USDC | USD Coin predictions | 92.8% | 2 | $1.000116 | 0.02% | 0.01% | $33 249 140 497 | ||
7 | XRP | XRP predictions | 68% | 62 | $0.529314 | -0.40% | 5.30% | $29 180 648 027 | ||
8 | DOGE | Dogecoin predictions | 68% | 60 | $0.153170 | 0.05% | 0.04% | $22 061 749 961 | ||
9 | TON | Toncoin predictions | 67.2% | 66 | $5.50 | -2.44% | -15.91% | $19 105 766 327 | ||
10 | ADA | Cardano predictions | 63.2% | 72 | $0.477005 | -0.38% | 4.34% | $16 997 547 087 | ||
11 | SHIB | SHIBA INU predictions | 62.4% | 82 | $0.000026 | 0.41% | 14.42% | $15 421 640 594 | ||
12 | AVAX | Avalanche predictions | 64% | 68 | $36.13 | -2.09% | 2.94% | $13 663 299 708 | ||
13 | TRX | TRON predictions | 88% | 21 | $0.117251 | 3.17% | 7.44% | $10 267 623 783 | ||
14 | STETH | Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 85.2% | 19 | $0.117125 | 3.03% | 7.70% | $10 256 553 245 |
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