Bitcoin (BTC) price must return to $ 9,400 as soon as possible to change its bearish course, says filbfilb, analyst at Cointelegraph Markets.
In one Update The popular retailer warned of this on July 16 on social media The situation Bitcoin is facing has quickly become a crucial factor.
Filbfilb: BTC towards the end of the compression phase
“BTC bulls must quickly return to $ 9,400,” he wrote in comments on a long-term price chart.
The focus was on the BTC / USD pair, which is in a compression cycle that has taken several weeks. Compression refers to a pattern of higher lows and lower highs, with a trading broker narrowing before a breakout.
For Bitcoin, the danger lies in a potential peak that is in decline, as the volatility indicator from Bollinger Bands indicates.
Bollinger bands consist of an upper and a lower band that surround a middle band, and have historically recorded bullish and bearish movements in Bitcoin.
BTC / USD pair chart with compression cycles. Source: filbfilb / Twitter
“Reaching the end of consolidation / compression now … doing it under half the bands is usually not a good sign.”filbfilb continued.
If the $ 9,400 reappeared, the picture would be open to a new interpretation:
“Return to this level and enjoy rethinking the bearish trend.”
Eyes at $ 8,700 and below
Looking ahead, Cointelegraph reported that the bearish scenarios are now focused at levels below $ 9,000 – $ 8,700 and $ 8,200, the latter representing Bitcoin’s 20-week moving average.
“Bitcoin continues the slow bleeding towards 9k,” filbfilb told members of the telegram trading channel on Thursday.
“It was bad enough to lose the $ 9,250 level. Weekly support and the low of the $ 8,700 range seem to be testing increasingly. “
Support of $ 9,000 was withheld in early operations, with a print time of around $ 9,080. The BTC / USD pair remains vulnerable to stock market moves, with a new route more than enabling the pair to achieve bearish targets.