Wednesday, April 8, 2020

BTC to fall further: Analysts recommend shorting

The Takeaway:

$600 million long liquidations after a15% crash left the market dumbfounded. The slump was not unexpected, and analysts forecast a further downfall of BTC. In this article, we will analyze different patterns and how they're predicting a drop to $7000 and below.

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Yesterday, Chaintimes brought into your notice, the possible bitcoin price dip that can affect the crypto market. As predicted, bitcoin did fall by almost 15%. The crypto coin experienced a massive plunge of $1,500 in just 30 minutes and reached 8K. Over $600 million longs were liquidated on Bitmex, reflecting the community’s erroneous bullish stance. Analysts predict a further decline in BTC’s price after the sudden crash below $9k.

 

Bitcoin escapes descending triangle

A tradingview analyst, Yuriy_Bishko, predicts a fall to $7,400 as bitcoin broke the descending triangle yesterday. He suggests a small bounce as this range can act as support but eventually a drop to $5k is forecasted.



BTC/USD, winter has come. by Yuriy_Bishko on TradingView.com

 

BTC to fall to below $8k

Josh Rager, a crypto trader, and analyst predicts a fall to $7k if the crash is not a bear trap. According to him, $9,300- $9,700 range will be the critical resistance for BTC to break into a bullish trend. Current trends can fall to $7,200 if the $8,000 support is tested.

 

Head and shoulders predict a drop to $5k

ekeneobi, A tradingview analyst, brings the head and shoulders pattern followed by BTC to attention. He advises the traders to play with the presented trends and not with the desired trends of the market. The analyst highlights 2 H&S targets: Interim target at $7,000 and the final target at $5,000.



Bitcoin H&S bottoms at $7500 or $5800 by ekeneobi on TradingView.com

 

Analysts recommend short selling

Shorting on BTC is recommended by dennisdaiber on Tradingview, as Bitcoin fell below its first support level of $8,500. $7,300 will act as the next support level, but he predicts a drop to $6,500 if the descending triangle’s pattern is followed. 



BTC/USD daily chart by dennisdaiber on TradingView.com

 

Short sell is advised by Moiseiev_Yurii, an analyst on tradingview as $9,100 support level has become resistance. BTC’s price is likely to drop to $7,500 according to his assessment.



BITCOIN price broke down Triangle, what should we do? by Moiseiev_Yurii on TradingView.com

The uncertainty is high in the community. Traders are advised to be diligent before making a decision. Your insights about the future of BTC are welcome in the comment section below. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Cheng Wei Chan
Cheng Wei Chan
Cheng is an AI & APP Engineer based in Taipei City, Taiwan. After completing his graduation in Computer Science from National Taiwan University, he dedicated his life into researching and writing about technologies such as blockchain, cryptocurrency, artificial intelligence and application development.

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