Bitcoin Price to Find New Strength After Falling to $2,000
Things still look bleak for the bitcoin price, but there is a bottom in sight. The price should become stronger at the $2,000 USD level, and from there it will attempt a comeback.
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Bitcoin Price Technical Analysis
After breaking down every support level established in 2018, the bitcoin price changed its scenario and found temporary stabilization at the lower border of a new 1000-point congestion area settled between $4,500 and $5,500.
Prices should be strengthened around 2017’s old support at $2,000 before trying to cross that range to the upside — with a chance at accomplishing an upside reversal.
According to Mass Psychological Analysis, the Disbelief phase is still on, and there is not any ground to expect a change to Hope without external factors stimulating bullish consensus.
According to basic trendlines — after the temporary stabilization — the bitcoin price could fall to reactivate an old support near $1,800.
From there, a lateral market would stabilize the action while waiting on external factors to improve confidence and contain the current bearish trend, turning it into a sideways movement.
Mathematical indicators reflect several signs of weakness, while traditional Formation Analysis considers an Inverted Flag pattern in progress. When and if that pattern confirms, prices could drop below $2,000 to match that August 2017 price reference.
According to Japanese Candlestick Analysis, Offer’s Crows control a new 1000-point battlefield between $4,500 and $5,500, while Demand’s Soldiers are not strong enough to challenge them.
The best chance for a reversal movement depends on external factors — such as rumors and news — to arrive and sustain the current level.
That would containing the fall at the $3,000 level, where there is nothing but the Round Numbers Theory to encourage Soldiers to face the Crows in battle, with no chance to prevail without institutional investors as reinforcements.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
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