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Bitcoin price hits a big snag: Reversal approaching

Bitcoin price hits a big snag Reversal approaching

The king of cryptocurrency Bitcoin is very shaky for the past few days. Bitcoin price has shredded over two (2.24) percent of its value in the past 24-hour alone, Coin Market Cap reports. To further the situation, the total Bitcoin price value shredded in the past five days amounts to about 16 percent.

Bitcoin price went down to the current price of $7891 from the high of $9100 range. While the current support levels are found at the $7600 – $7700 range.

Bitcoin price chart 1 - 9th March 2020Bitcoin price chart by Trading View

Bitcoin price movement: What to expect?

Cryptocurrency trader and analyst on Trading View Magic Poop Cannon explain that the king is priming further lows, and there is little hope for a reversal.

Bitcoin price chart 2 - Magic Poop CannonBitcoin price chart by Trading View

If the BTC price trend follows the trend, Cannon is predicting the new lows would be found under the $2000 range; however, so far it looks like an unlikely scenario to play out.

Another famed analyst David Ward a.k.a WyckoffMode, who has quite a following owing to his video analysis, explains that a reversal is approaching by mid-day on the 10th of March.

Bitcoin price chart 3 - David Ward - 9th March 2020Bitcoin price chart by Trading View

In his detailed analysis, Ward compares the situation back in December 2019 and January 2020 and further back down the timeline to as far back as November 2015. Ward explains that the current movement has a rock bottom in the $7600 range, and the reversal is approaching in the next 12-hours from the time of writing.

On the other hand, the Bitcoin price movement has been shaky throughout the first quarter of the year 2020. In February, BTC price charts recorded as many as four heads and shoulder movements along with some heavy whale manipulation that swayed the market. Caution and safe trading are advised as always.

Featured Image by Dmitry Demidko

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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