The volatility in Bitcoin price and extreme trend movements more often than not keeps the traders guessing the direction of Bitcoin movements. The bullish moves in Bitcoin in the past couple of months have restored the investor confidence in the asset again. However, the extremity of the rise also seems to have given an opportunity to bears.
Yesterday marked at the end of three weeks of continual bullish gains in Bitcoin with a slightly unusual close. Bitcoin [BTC] broke above the $13800 mark on 26th February. Nevertheless, the rise was instantly met with a 10-15% correction. Moreover, as the price was looking to find support near around the $12,000 region, the bearish pressure has further pushed it down to test $10,600.
BTC/USD 1-Week Chart on Bitstamp (TradingView)
The price of Bitcoin at 4: 30 hours on 1st July 2019 is $11050. It is trading 7.92% lower on a daily scale.
The 4- Hour Chart
According to a leading group of analysts from the Hyperwave channel on Youtube, Sawcruteez, Tone Vays, and Tyler Jenks suggested that Bitcoin is trading at a critical price. The current range $10,700-$11,100, if broken below could commence the bearish movements in Bitcoin.
Tone Vays emphasized on Sequential analysis, while Sawcruteez and Jenks reached conclusions from Trendline analysis and SAR analysis. Nevertheless, they seemed to arrive at the same critical point for the apprehended trend reversal.
BTC/USD 4-Hour Chart on (TradingView)
Weekly and Monthly SAR Analysis and Brandt’s Analogy