Price Analysis

Bitcoin Trades Stably Around $7,200; Will It Rise or Fall Further?

Bitcoin (BTC) draws a declining trend as observed from the cumulative movement over the past two years. It currently trades around $7,250 and forms a declining channel. In order to observe the trend that BTC price has been exhibiting since it hit the ultimate top and bottom around $20,000 and $3000 respectively, we rightly witness the assigned technical indicators to the weekly movement of Bitcoin Price to USD.

BTC Chart Analysis
BTC/USD Chart By TradingView

Taking a glance at the BTC Chart Analysis of 1 week for over 2 years, we see that BTC/USD has been drawing lower high after having hit $20,000 in December 2017. The green upside candle formation in May 2018 gave an instance of Bitcoin price rise wherein we see the rise in volume as well. However, the price trend and the movement continued to decline forming the declining price channel at the onset of the year 2019.

Unfortunately, the trading year 2018 has been a reversal effect of what the last quarter of 2017 was. Here, trading within the channel of the price trend can be helpful which we confirm the 50-day MA as it moves adjacent to the current price trend. However, the 200-day MA is providing support around $5,000 price area, giving BTC price a room for further fall.

Now, the major question that lies is:

Whether BTC Price will continue the lower-high trend or form a further descending channel?

BTC Price Prediction

Analyzing a comparatively shorter time frame, a daily Bitcoin price movement on Coinbase since July 2019 confirms the lower-high trend that the coin is trading through. Adjacent to the said trend, we even see a downtrend forming, which points towards a further fall. On the contrary, if the BTC price follows the lower high trend, it is possibly going to take an upturn soon. Forming the highest in the year 2019, Bitcoin (BTC) soared at $13,000, followed by a price mark above $12,000 and one marked above $10,000.

The point of a catch here is that the Bitcoin price falling trend can confirm the downtrend exhibited in the above Bitcoin chart and can even dip as low as $5,000. With this, the current price confirms slightly above 23.60% Fib Retracement area and has kept a stable move throughout the bygone week.

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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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