Price Analysis

Bitcoin (BTC) Draws a Descending Channel as the Countdown for Halving Begin

Bitcoin draws a descending channel as it retests support around $8.6k price area with a lack of support on the half-hourly chart. The 20-day Bollinger Bands laid are not hinting towards an unprecedented volatile breakout. With intermittent hikes above $9k, BTC is now drawing a downtrend as it trades at $8,680, at the press time.

Just as we near the halving period and with only 7 days remaining, Bitcoin value should have skyrocketed until now, or it still has a chance as the countdown for the event begins. Moreover, as per the historical trends, BTC price spurs before the halving and crashes afterward, so will it not happen this year? As investors around the world keep their fingers crossed, can we blame the Pandemic and its effects for a diversion in the investment this year?

Well, this question happens to be the most debatable point with the economy coming to a standstill, US Dollar fading its charm and America on its knees as Coronavirus digs deeper. In such a state, what is in the trunk for Bitcoin?

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On the half-hourly chart, Bitcoin descends after a brief height around $9.2k on the weekend. BTC price trend fails to retain support after a gradual dip below $8.8k, and $9.2k still happens to be the major resistance to watch out for. However, a slide to $8.5k or below, it will lead to a bearish consolidation which we are not looking forward to just a week prior to halving. Additionally, the fall in the price of BTC against the US Dollar has also led the altcoins to shed their gains.

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The technicals are, however, appearing slightly better yet away from $9k is a bearish crossover for the investors to gain, and the RSI lies at 47.80, with no justice to the intraday traders.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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