THELOGICALINDIAN - Bitcoin opened 2024 with a blast ascent by as abundant as 32 percent in January as investors appetence for safehaven assets grew However the amount assemblage is now attractive to fizzle
The bitcoin-to-dollar barter rate has biconcave by about 9 percent afterwards registering a bounded top abreast $9,200. The brace on Friday activated $8,216 as intraday support, hinting risks of an continued downside move that could advance the amount into a medium-term bearish channel.
The Descending Channel, as apparent in the blueprint below, could approach bitcoin appear the redded abutment breadth accepting a baseline abreast $6,000.
But
A top bazaar analyst believes bitcoin is beneath acceptable to hit the $6,000 level.
YouTuber Sunny Decree explained in one of his latest letters that the cryptocurrency, at best, would abatement in the ambit authentic by $7,239 and $7,957. From there, it could backlash appear its accustomed attrition levels, mainly the blacked 200-daily affective boilerplate beachcomber in the blueprint above.
Mr. Decree cited the ambit afterwards testing it adjoin Volume Profile Visible Range (VPVR) – an indicator that finds support/resistance levels based on the trading action about them over a specific aeon of time. The analyst acclaimed college volumes abreast the $7,957-support, assuming traders became awful alive about the level.
Similarly, the $7,239-support showed hardly bottom but yet college barter activity, acceptance Mr. Decree to aphorism the breadth amid it and $7,957 a abeyant pullback range.
“I would personally, acerb that bitcoin is activity to animation about amid the [said levels] to the upside,” he said, abacus that it could advance the amount appear $10,500.
The anticipation larboard a lot of accountability on VPVR to prove itself as a reliable tool. A quick chase beyond TradingView.com showed that abounding arch traders accept acclimated the proprietary indicator to adumbrate support/resistance based on aerial and low volumes zones/nodes.
Further Fall for Bitcoin?
Fractal analysts accept a altered say aback it comes to admiration the abutting animation back. They accept continued analyzed the cryptocurrency’s amount behavior based on its actual performances. Renowned banker Haejin, for instance, sees a lot of affinity amid bitcoin’s accepted downside accomplishments and the ones acclaimed during the 2018’s crypto winter.
https://t.co/JhMTlE2zA1: Bitcoin Deja vu?
Here is a Members alone chart: Note the Inverse H&S on both fractals.
Also the three beachcomber ABC amount constructs
The bottomward amount channel
The advancement wedge
Declining volumes
Potential Capitulation VolumeAll aural 4 months? Hmmm. pic.twitter.com/hXNN53PI7B
— Haejin (@Haejin_Crypto) January 17, 2020
The analyst thinks bitcoin would not alone abatement appear $6,000 but would extend its attempt to as low as $3,300.
Bulls, on the added hand, accept ‘Halving‘ as a adverse actual indicator to abnegate Haeijin’s bearish prediction. They accept the accumulation shock abandoned could accelerate bitcoin aback to its august best aerial of $20,000.
