• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home bitcoin

      Bitcoin price action: Two possible scenarios – 6000$ or 2000$?

      Hitesh Malviya by Hitesh Malviya
      April 12, 2019
      in bitcoin
      0 0
      0
      bitcoin price action 6000$ 2000$

      bitcoin price action 6000$ 2000$

      5
      SHARES
      61
      VIEWS
      Share on FacebookShare on Twitter

      Bitcoin is recently pulled back from 5500$ Resistance and currently trading above 5000$. There is no clear sign of the next trend as of now, But we will come to know in a few days of price action. In this article, we are covering two possible scenarios about bitcoin next price action.

      Consensus effect on Bitcoin price

      Consensus’19 is approaching in may, we need to understand the fact that Consensus could be used a fundamental indicator to derive Bitcoin price action. Consensus event had effected Bitcoin Price in the past, I believe it will do this time as well.

      Consensus’18: Price jumped by 8% before the event, dropped during and after the event.

      Consensus’17: Price started jumping few days before the event, continuous jumping during the event, recorded over 60% growth in a week time.

      Consensus’19: Consensus is going to be held in between 13-15 May this year. It would be interesting to see how the price will react this time. We are expecting at least a 10% jump in price before or during the event based on historical price performance.

      Now, lets explore two Possible Price action Scenarios keeping Technicals in mind.

      Bullish Scenario #1

      This is how a typical Bullish Market structure looks like:

      LTC/BTC Daily (Binance)

      Two things to notice here in this chart –

      • LTC/BTC price initially broke above 200 Daily MA in Jan’19, But it followed by a massive sell off, 200 Daily MA broke down as a result. But Here Price Bounced back from 0.5 FIB Level. Ideally for continuation of any bull run – Price should bounce back from 0.5 FIB Level which happened here.
      • 50 Daily MA meet above 200 Daily MA – A golden cross is formed , which continue the run later
      • Currently – LTC/BTC is sitting at a typical bullish structure where 50 Daily MA is trending above 100 DMA and 200 DMA.

      Now Let’s look at Bitcoin/USD Chart

      BTC/USD Weekly (Bitstamp)

      BTC/USD Weekly chart is current overbought, so there is high chance that we will go through a Multi weeks correction. So I Believe, A Correction wave is definitely in play which is suggested by Daily and weekly chart.

      BTC/USD Daily (Bitstamp)
      • To be in the bullish scenario, Price should not drop below 0.5 FIB Level which is at around 4400$.
      • Price should consolidate around 4400-4600$ for few days before next run.

      If the price does not drop below 4400$, and consolidate above 4400$ before next leg up then – A Golden Cross will be formed which is strongest indicator to support bull run. We could expect Bitcoin to cross 6000$ in this scenario around 2nd or 3rd week of May. That could be the start of the next Bullish cycle.

      Bearish Scenario #2

      BTC/USD Weekly (Bitstamp)
      • In this scenario, Bitcoin needs to break 21 Weekly MA Support for more downside.
      BTC/USD Daily (Bitstamp)
      • To be in the bearish scenario, Bitcoin needs to drop below 0.236 FIB Level. If the price drops below 3800$ and stays below that for couple of days then there is a higher chance that price will make a new lows below 3000$.
      BTC/USD Monthly (Bitstamp)
      • A Break below 55 Monthly MA could take the price to 2000$ Range. Monthly Moving average will play a deciding role in Bitcoin price action in coming days/months.

      Conclusion

      1. Bitcoin is Bullish as Long it stays above 4400$.
      2. The next Bullish Cycle will start when Bitcoin price will break above 21 Monthly Moving Average.
      3. Bitcoin will turn Bearish if it drops below 3800$.
      4. The next bearish cycle will start when Bitcoin price will break below 55 Monthly Moving average.

      Must Read – Bitcoin Gambling – Latest Trend Directions of 2019

      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)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: bitcoinBitcoin Pricebitcoin price actionbitcoin price newsbitcoin price predicationbitcoin price prediction 2018bitcoin price prediction 2019bitcoin price preditbitcoin price researchbitcoin technical analysisfeatuard
      Share2Tweet1Share1

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      by Karthik Guttha
      February 27, 2022
      0

      It has been one hell of a week. The global affairs surrounding Russia and Ukraine have escalated to unexpected levels,...

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      by Karthik Guttha
      October 13, 2021
      0

      The SEC is set to approve five futures exchange-traded funds by the end of October. While the entire market expects...

      featured image

      How Bitcoin can be hacked?

      by Nivesh Rustgi
      August 6, 2021
      0

      In this article, we will discuss how bitcoin can be hacked. Bitcoin runs on blockchain technology, in fact, it...

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      by Guest Author
      August 3, 2021
      0

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats. Cryptocurrencies are an increasingly popular store of value. Banks...

      featured image

      Bitcoin IRA – Everything You Need to Know

      by Nivesh Rustgi
      August 2, 2021
      0

      In this article, We will discuss Bitcoin IRAs, How Bitcoin IRA works, Laws and regulations, Service providers and future of...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      November 22, 2022
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      featured image

      Top 3 Coins That Have Outperformed Bitcoin This Year

      April 26, 2020
      binance exchange safe

      How Safe is Binance Exchange

      August 21, 2020
      Top 10 Ways to Make Money in Crypto

      Top 10 Ways to Make Money in Crypto

      October 19, 2022
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      May 27, 2021
      Binance

      Sequoia Capital is Suing Crypto Exchange Binance

      March 12, 2020
      EIP-4844 Explained | The Biggest Ethereum Upgrade

      EIP-4844 Explained | The Biggest Ethereum Upgrade

      February 7, 2023
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      A Dummy’s Guide to Ethereum Rollups

      A Dummy’s Guide to Ethereum Rollups

      November 30, 2022
      Tezos Blockchain is Always Under the Radar but Continues to Excel

      Tezos Blockchain is Always Under the Radar but Continues to Excel

      November 22, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29620 shares
        Share 11837 Tweet 7398
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9925 shares
        Share 3969 Tweet 2481
      • Top 10 Low market cap altcoins to invest in 2021

        7260 shares
        Share 2902 Tweet 1814
      • Top 10 NFT Crypto Projects You Should Know

        7258 shares
        Share 2620 Tweet 1638
      • List of leading partners of Ripple, and How they use XRP?

        6047 shares
        Share 2418 Tweet 1512
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.