Things have turned south for Bitcoin, the world’s leading digital currency, after its attempt to break above the $7,700 level was brutally rejected once again.
Now, according to cryptocurrency trader Josh Rager, the top cryptocurrency could make another lower high after bulls failed to push the BTC price higher. A succession of higher lows means that Bitcoin is still in a downtrend, and a significant drop could be on the cards.
Needs to break above $7800s and close above for me to feel bullish about a possible trend reversal
Until then, price continues to range with possible accumulation (over five weeks in this range)
So far, price possibly just made another lower-high today pic.twitter.com/R4uiHbwkfp
— Josh Rager 📈 (@Josh_Rager) December 30, 2019
Marker analyst Kevin Svenson points to the fact that Bitcoin is still caught in a five-month falling channel. According to Svenson, the recent retest of the resistance didn’t mean anything for the bulls.
$BTC – getting above $7,800 / $8,000 is the biggest hurtle for the bulls right now, we are still well within the downtrend … a lot of people got really excited today based on a resistance test. Resistance wasn’t broken. No changes just yet.#Bitcoin #BTC #crypto #cryptotwitter pic.twitter.com/bJMaAVk4no
— Kevin Svenson (@KevinSvenson_) December 30, 2019
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Trader Nebraskan Gooner has provided an update on his fractal analysis, predicting a drop below the $7,000 level. Conversely, BTC could surge up to $8,000 if it manages to record a convincing break above the recent high.
Rejected at the top of the fractal combined with weak daily OBV. We could potentially have topped out here, if so, I would expect a dip to just under $7k
If we can break the recent high, then we would instead head to $8k from here
This fractal seems a likely scenario https://t.co/O6YndD7e6S pic.twitter.com/pMvgoJgqTZ
— NebraskanGooner📈 (@nebraskangooner) December 29, 2019
Even though a dip below $7,000 seems very likely at this point, Charles Edwards of Capriole Investments recently opined that Bitcoin might never trader under $6,000 again the Hash Ribbons indicator flashed a rare buying opportunity.
At press time, the leading cryptocurrency is changing hands at $7,369. Notably, BTC’s dominance has slipped below the 68 percent level on the heels of Ethereum’s five percent price increase.