After the Bitcoin price approached the $10,000 level in early October, it has declined and been unable to recover to that area since then. Now, another forecast is talking about the likelihood of a further BTC drop.
Down to $6,700?
@nebraskangooner, a crypto entrepreneur and an analyst, has shared a chart earlier today. He says that according to it, the Bitcoin price is likely first to drop to $8,250, then to recover the $8,600 mark. After that, he says, Bitcoin may drop to as low as $6,700.
He does not trade using this fractal, the analyst says, however, as per him, ‘it’s been following along almost exactly since I started watching it in September.’
According to this fractal:
1. Dip to $8,250 area.
2. Bounce to $8,600 area.
3. Dip to $6,700 area.
I’m not trading based off this fractal but it’s been following along almost exactly since I started watching it in September. pic.twitter.com/QirnnHZUB8
— NebraskanGooner📈 (@nebraskangooner) November 15, 2019
Bitcoin slips to $8,400
On Friday evening, Bitcoin slid to the $8,400 level for the first time after briefly touching the $10,000 mark at the start of October. Since then, BTC has been unable to recover to that area.
A crypto trading expert Josh Rager has assumed that should the weekly BTC trading close below $8,235, the price of the father crypto would continue declining.
Bounce off of $8,370s, this area acted as resistance for during the previous range (outside the fake-out pump in early Oct)
This area needs to hold, a weekly close below $8,235, imo, would lead to more downside
Currently, every time frame under monthly looks ugly pic.twitter.com/WPri5cDzLM
— Josh Rager 📈 (@Josh_Rager) November 15, 2019
Bitcoin price in the Falling Wedge pattern
On Friday, a crypto trader @themooncarl posted a screenshot, showing the Bitcoin chart forming a Falling Wedge pattern. The trader pointed out that from this pattern BTC has a 70%-chance of a bullish reversal.
A long opportunity?
Longs vs shorts on BitMEX: 46.53% vs 53.47% (People are bearish)#Bitcoin just hit its 61.8% fibonacci golden retrace from the beginning of the 40% pump.
Bitcoin is in a falling wedge which has a 70% chance to break up!
Wait for break to play safe! pic.twitter.com/QpI30HgXqJ
— The Moon (@themooncarl) November 15, 2019
At the time of writing this, Bitcoin is trading at $8,560.
Image by CoinMarketCap