If Bitcoin Price Was A Bet, It Would Be 5:1

Bitcoin price volatility plummets as the new monthly pivot points are closer together than those in June. Observing the chart, a similar pattern can be seen between April and May. In May, many investors caught the falling knife and at one point lost up to 30% of the market capitalization. Such a move could happen in the next month as a lot of bearish signals are surrounding Bitcoin.

If you bet on the Bitcoin price, it will be a 5:1 bet. Specifically, there are 5 bearish factors and 1 bullish signal. First, let’s focus on the bearish factors at hand and those that need to be broken before the market starts talking bullish instead of bearish.

The BTC price chart is currently seeing a death cross as the 55-day simple moving average (SMA) broke below the 200-day SMA. Even worse, the 55-day SMA limits the price action to move along with the downtrend.

Parallel to that falling 55-day SMA, the red descending trendline is acting as the backbone of the downtrend, forming a bearish triangle with a bottom at $19,036. In addition, the red line is also the upper line of the downtrend channel combined with the light blue trend line as the lower line. As such, 5 bearish factors are currently hanging over Bitcoin price action and just waiting to drag it deeper.

On the upside, as mentioned in the introduction, the new monthly pivot points are getting closer together, meaning the price action will only consolidate further and support closer to prevent any slippage. Bitcoin price will find support at $16,020 and S1 monthly at $14,460 nearby to catch any breakout move.

Summer lull triggered with liquidity shortage and is building the case for bulls to attack now, pumping price action up to $28,695, breaking of red descending trendline as well as SMA 55 days and powering the bulls to put BTC in a full-blown bull market.

Currently, the price of BTC is still at $19,000 but it looks like a break is near.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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