Bitcoin price is in a downward channel, but traders are sure that the pressure of sellers is weakening and nothing threatens the exchange rate.
Bitcoin is currently testing the strength of the lower boundary of the triangle, which has been forming for almost two months. The trend line runs at $ 9,100, but this does not mean that we are finally breaking through it right now. Bitcoin has also continued to draw the downstream channel over the past few weeks.
Now we are approximately in its middle, but the lower border runs at $ 8,700, and movement to it is quite possible. The key resistance line that holds back growth is at $ 9,400.
Further, Bitcoin will move within these boundaries, having lower support at $ 8,800. But the chances that we will first drop to $ 8,700 and then breaking through this border, go down, still remain. Then the rate will turn back upwards in the region from $ 7,000 to $ 8,100.
According to Tyler, this will be the best opportunity to buy BTC this year and ever, because so low the price may never drop already in the history of the first cryptocurrency. He actually offers to seize the chance for a good purchase, although it may not be.
Sunny Decree starts with a sad one because he drew a beautiful upstream channel from which Bitcoin went down. The good news is that it works well in the resistance range from $ 8,500 to $ 8,900. He also notes a decrease in volatility and, as a result, a fall in trading volumes, because traders are interested in the maximum amplitude of price fluctuations. And when the price behaves more or less stable, traders in the market have nothing to do.
According to Sunny Decree, Bitcoin is being consolidated at the moment. This is evidenced by another new triangle and declining trading volume. The chart is not perfect, but most of all it looks exactly like consolidation.
As for his personal forecast, he is bullish and Bitcoin should again turn in the direction of growth.
But Sunny Decree fears that the situation in the world may affect the price, it’s about the pandemic and the stock market. If there are conditions for a new fall, then it will also affect Bitcoin.
Tone Vays became a Bitcoin bear again. The trader expects a continued decline. Bitcoin needs to make another hike down to $ 7,000 before it breaks the global downtrend and sets off to conquer new heights. Perhaps more than one such attempt will be needed. He also expects the stock market to go down next week and Bitcoin to follow.
Tone Vays’ daily Bitcoin chart also speaks for a decline. If it falls below $ 9,000, the price may continue to move to the lower border of the channel and even fall to $ 8,500.
But the trader warns that in fact he is neutral on the growl. The situation is such that the exchange rate may well return to growth and trade the next week above $ 9,000. Much, in his opinion, will depend on the S&P 500 index, where it is there and bitcoin.
A new video from Davinci on the MMCrypto channel was released just about that time, in which we were promised the volcanic movement. About such a forecast for Bitcoin price, unfortunately without specific goals, gave Davinci.
He notes that Bitcoin price has been consolidating for quite some time, and seller pressure is becoming weaker and weaker. Therefore, if someone now takes a short position, he needs to be extremely careful. There is a possibility of the explosive growth of Bitcoin, we are talking about one huge green candle with the prospect of initiating a new upward trend.
Whether this forecast is realized, we will see pretty soon, and you can also check Davinci on his forecasts regarding Ethereum. The trader expects strong growth in the ETH/BTC trading pair.
And he predicts even stronger growth by as much as 40% with the LINK token also paired with Bitcoin. Here we add that LINK was a dark horse last year and in this, it also shows excellent results. So his growth may really not be over yet. But this is by no means a financial recommendation.