After the fall of the cryptocurrency market on March 12, a turning point in Bitcoin’s price was generated, which seems to peak in the next halving. Experts predict how much the asset will be worth, depending on the decision of the action.
Currently, the price of Bitcoin fluctuated between $ 6,000 and $ 8,000 in April 2020, so as not to go into detail, and took into account the next event in about fifteen days, as well as the losses of EOS and ETH in the past few hours that still making it very resilient, there are mixed expectations for the change in bitcoin prices in the coming months.
With the whole phase on the table and the mixed opinions of many experts, Bitcoin’s dominance in the crypto market is lower and now reaches 63.7%.
BTC closed and had a fourth green candle last week. It is the fourth time that the cryptocurrency has rejected the moving average of more than seven thousand dollars.
Despite the fact that the volume is still relatively high, there was a slight decrease. Bearish situations show a simultaneous decline in volume and an increase in price.
However, if the volume is relatively high, it can look and feel quite difficult.
The price is currently struggling to break the key resistance at $ 7,700, which is at the coincident Fibonacci retracements of 61.8% and 38.2%, respectively. If the price of Bitcoin continues its upward trend in the next two weeks, a start in the final 10 km zone, in which the retracement levels also coincide, can be expected.
There are higher lows for the MACD, just like the price of Bitcoin. The MACD trends below zero are shown in the histogram, which shows that the EMAs continue to cross down. This undoubtedly means that the trend is weakening as it continues to decline.
The twenty-week MA is around $ 7,800. Their role is usually fundamental: their main goal is to determine the type of market.
On the one-day chart, the Bitcoin price leads to a price escalation within an ascending channel, with the strong breaks becoming ever larger. Their main support lies in the checkpoint, which is characterized by the fifty-day moving average that has kept the Bitcoin price in the range of $ 6,000 to $ 8,000.
The daily candles, which came with small bodies with wicks on all sides and showed indecisiveness, have almost disappeared in the last few days after the market seemed to choose the final rise. However, there is a decrease in daily volume that could mark the beginning of a bearish cross, possibly corrective, although the MACD newspaper has not yet indicated this.
In the event of a failure of the ascending channel, purchase interest can reach the level of USD 6,250. Currently, DMA 100 and 200 serve as immediate resistance to the cryptocurrency king, just below the $ 8,000 level, which in turn is the range of the 20-week moving average.
We can correlate the price of the cryptocurrency and see how gold and SP 500 can be reflected in the currency. What we are experiencing means that BTC will soon depend on what the old markets are proposing. So far, the past two weeks have seen pretty positive movements.
Four hour chart
BTC / USD is now in a decision period. Another month and half of the coins will be in circulation. Analysts expect cryptocurrency sales to be a bullish experience.
Consolidation / indecision is a period in which a bearish or bullish case occurs:
The wedge with which Bitcoin is currently trading is rising. If the volume also decreases, the case is said to be bearish. We admit that the price movement is not significantly different from that in the first quarter. Back then, the technical target was around $ 8,800. If the same scenario and trend repeats itself, the market can expect a new test of $ 6,000.
Currently, the cryptocurrency’s stance is bearish, reminiscent of the structure we had half a month ago. A pattern invalidation is possible. Whether this happens depends on a pause that users need over the right shoulder of the pattern formed at US 6,993.07. In this case, they would hopefully stop testing the existing averages. An order block of around eight thousand dollars would be inevitable.
The consolidation phase is coming to an end. Bitcoin can move and hit $ 8,000 or return to the $ 7,000 band.
The consolidation phase can take longer before halving. The conclusions come from the correlations that are high. Some claim that prices can hold more than $ 7,200.
At press time, Bitcoin’s price is overcoming the $ 7,800 barrier with a positive change of + 0.44% over the past 24 hours, a volume of $ 33.1 trillion and a dominance of 63.7% in the market.
For many Bitcoin investors and believers such as the renowned writer and millionaire Robert Kiyosaki, the virus outbreak was “excellent” for the price recovery of Bitcoin, among other things, because it forced the world’s largest economy to print thousands of millions of dollars, both traditional Stock market as well as the alternative represented by cryptocurrencies could benefit.
The views and opinions expressed here are solely those of the author and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.