Bitcoin (BTC) Price Analysis: Road to $9,200 is Open for Bears

Price Predictions
Sun, 06/07/2020 - 15:20
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Denys Serhiichuk
Has Bitcoin’s 3-month bull run come to an end?
Bitcoin (BTC) Price Analysis: Road to $9,200 is Open for Bears
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The quotes for Bitcoin (BTC), as well as other coins, have remained relatively unchanged since yesterday. The only exception is Cardano (ADA), which has gone up by 0.16% within the last day.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

However, Bitcoin's market share has remained the same over the course of the week. Its current index sits at 64.4%.

BTC’s market share
BTC’s Market Share

Below is the relevant data of Bitcoin (BTC) and how it is looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $177,196,986,658

  • Price: $9,631.74

  • Volume (24H): $18,992,088,158

  • Change (24H): -0.47%

BTC/USD: Has the Bull Run Come to an End?

Looking at the hourly time frame, Bitcoin (BTC) has been trading within a falling channel since June 4th. Meanwhile, the main crypto has gone up by 0.20% since last week against the start of a correction.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

From a technical perspective, the short-term correction is ongoing due to the absence of buyers to push the rate higher. There is also low liquidity support above $9,700, which confirms the ongoing decline. The nearest support zone is between $9,400 and $9,450. 

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the 4H time frame, the bearish sentiment is even more powerful. Bitcoin (BTC) is about to finish forming a Head and Shoulders pattern. That is a reversal figure, suggesting a change in trend. If the bears continues to push the price downwards, then the first stop is at the $9,300 mark. This might be attained next week.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

The current candle is going to close with a long wick on the weekly chart, which is a bearish signal. Overall, BTC might confirm our previous prediction that the bullish trend, which started since mid-March, is coming to an end. Respectively, the bears are not targeting the vital support at the $9,000 mark. If the first days of the week are bearish, then the $9,000 mark will be reached next week.

At press time, Bitcoin was trading at $9,487.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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