The king of cryptocurrency has been keeping traders in a state of crisis for the past few days while the bitcoin price movement is showing a clear head and shoulders on the chart. Nevertheless, hope for a new high is not lost anytime soon as most analysts speculate that cryptocurrency may be in a recessionary state at the moment, for a good and stable curve following the current movement.
The current market sentiment has been set at 40 points since September 4, according to the Crypto Fear and Greed Index. The score fell from the 80 range seen by 30 September which translated into greed. Since September 4, the market is in fear zone with strong sales signals coming on all key technical indicators.
Bitcoin price of a new head and shoulders
The price of bitcoin is just a new head and shoulder movement that we complete the entire circle writing these lines. The price went to a high of over $ 1500, but strong resistance stated by analyst trading gurus pushed the price back to the $ 1440 range within the next two hours. After declining $ 60, the support price for the previously created $ 10300 range decreased and is currently trading at the $ 10262 range.
Bitcoin costs $ 11000
Bitcoin analyst Moon 333 explains on the trading view that although the price movement is in a downturn, the bitcoin price is at a new high after some consolidation. Looking at Moon333’s analysis, the current price movement seems completely normal. Analysts point out that bitcoin support levels are strong at the $ 10,000 mark despite heavy beating, leading to strong recession.
Moon333 stated that the king of cryptocurrency is still showing some bullish indicators such as the moving average convergence deviation (MACD) scale and momentum indicators. At the same time, Sentiment Indicator buying and selling the trading view also shows that bitcoin still stands in the strong buying zone on a weekly scale. A strong buying pattern usually follows an increase in value and the trading view pattern is another indicator that provides the ground to expect another boom coming soon.
Last but not least, Bitcoin has been rated the 6th largest currency in the world, a collective adaptation indicator that will allow further expansion into the COVID-19 world. When the market and economic conditions improve, the trend of bitcoin on a regular basis is also likely to rebound, pushing the price to an estimated higher level annually.
The next few weeks are extremely important for the bitcoin price movement as the last quarter has traditionally seen the highest all-time bitcoin prices since 2017. On the other hand, bitcoin is known for extreme volatility, which is as heavy as a $ 1000 jump in a matter of seconds. However, there is no single major indicator that would suggest that the volatility bitcoin whale movement cannot be disregarded at any time.
Disclaimer. All authors have their own opinions and do not constitute financial advice in any way. Cryptopolitan strongly recommends that you do your independent research and / or speak with a qualified professional before making any investment decisions.