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      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      Hitesh Malviya by Hitesh Malviya
      June 15, 2020
      in bitcoin
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      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-

      Bitcoin could reach 9000$ in April. why?
      Coronavirus panic is spreading, Bitcoin can fall down further

      Let’s look at technical analysis to see how the future price action looks like for bitcoin.

      BTCUSD – 3D Technical Analysis

      BTCUSD -3D

      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.

      Bollinger Band

      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$.

      Moving Averages

      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$.

      Conclusion

      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.

      Trade Safely!!

      Hitesh Malviya

      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.

      IBC-Transparent-Logo-(1)

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