Bitcoin price analysis doesn’t need to be much of an effort since the BTC price seems unable to get past the ten thousand dollars ($10000) mark.
With a five (5,4%) percent decrease in its standing price, Bitcoin has yet once again fallen below the ten thousand dollars ($10,000) mark that has caused it to land at nine thousand nine hundred and sixty ($9,960).
Bitcoin (BTC) has been floating around this territory for too long, but the fact that it has been quite a many time for it to fall below its five-digit support mark is quite worrisome especially given the fact that it took BTC no more than twenty-four hours (24) to dip down.
Altcoins, the majority of which, have suffered losses are in the five (5%) margin range, and this may just be the time to state that Bitcoin, no longer will be, dominant o the altcoins for the ‘alt season’ is around the corner.
BTC is supposed to go down if the six hours Moving Average (MA) does not experience any upward spikes. A further fall for BTC will be a one-way ticket for alt season to reign. The ten thousand dollars ($10,000) has been a vital Point of Control by being a tough cookie for both the late June resistance and the early July support.
Here is what a renowned crypto trader, CryptoHamster, has to say:
— CryptoHamster (@CryptoHamsterIO) July 23, 2019
The one day chart for BTC isn’t making the crowd turn their frown upside down either. Hodl21k has shown concerns over the Keikin Ashi candle blowing out (a weak trend is shown). BTC could potentially end at the seven thousand dollars ($7000) range.
The 2016 first quarter pattern will allow BTC land between seven thousand one hundred and forty-eight ($7148) and the eight thousand seven hundred ($8700) which corresponds to the 1.20 or 1.46 times of the 200-day moving average (MA), says Crypto Kea.
On the bright side, if BTC rises above the support that it has lost recently, then it will likely land at the twelve thousand three hundred ($12,300) dollar spot as theorized by Nunya Bizniz who goes on further explaining that an upward trend will leave it at the fifteen thousand dollar mark ($15,000) as well.