In this article, we will look at Technical Indicators which suggests Bitcoin can crash below 7000$ in the next few days.
Bitcoin is currently trading above 9000$, After a brief recovery from the infamous crash on 14th March, bitcoin has recently found the top at 10500$. Price has been dropping since then, dropped below 9000$ in morning trading hour.
Previous Succesful Bitcoin Analysis-
Let’s look at technical analysis to see how the future price action looks like for bitcoin.
BTCUSD – 3D Technical Analysis
Bearish Crossover on MACD
Bearish crosover has been appeared on BTC 3 – day chart which suggests further drop. The last time when bearish crossover happend, Bitcoin lost over 60% value in less than 10 days. We are expecting MACD to play out again, and can push btc towards 7000$ region.
Bitcoin is holding Mid Band Support of Bollinger Band, Once price loses this support, chances will be high for btc to test lower band at 7450$.
Bitcoin is currently holding 21MA as support, and Price is trading very close to support, The next major support is 50,100MA which is at 8450$. Once btc price loses 8450$, Chances will be very fair for btc to drop below 7000$.
In Conclusion, Bitcoin is currently trading close to the first major support which is at 9000$(Mid band, and 21MA support), If btc loses this support, then price needs to bounce from 8450$(50,100MA support) to avoid further loss. Losing of 8450$ support will open a clean path for btc to retest 7000$ , and Bearish Crossover on MACD is suggesting that at this moment.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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