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Bitcoin Price Analysis
Bitcoin

Bitcoin Price Analysis

As we anticipate the bull market returning, we are quickly put back in our place by the bears. Further declines are more daunting than ever at this stage, there is a lot of uncertainty in cryptocurrency right now.

Straight off the bat we can see throughout the first major cycle the overall increase was roughly 52,000% (Not mentioned on the chart, this is highlighted in other analysis mentioned above) and the decrease was 87% which lasted 413 days.

This was broken up by two main intermediate cycles measuring a decline of 81% and 82%.

In the current market cycle, the increase measured at 10,000% or 13,000% (depending on which low you are measuring from in 2015) and the decrease still stands at an overall 70% from $20,000 to $5,900. Price is currently trading above this level at $6,460 which is my primary concern, the daily support trendline has been lost and further downside is likely.

Taking a look at the daily chart below the expected overall decline is 80% based upon the weekly support trendline and key daily zone.

 

At this point in time, a recovery is more than possible. I will be focusing on the 1h, 4h and daily timeframes to predict where price is likely to move next.

If price breaks the low at $5,900 we will see further downside.

On the 12h chart below I have highlighted the structure I will be focusing on to capitalise on the drop, this is just below $5k.

Credit: Lewis Glascow

coinmag

Editor-in-Chief @Coindaily_co and Bitcoin enthusiast

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