- BitMex’s XBT Futures hold above the $7,900 USD while analysts set sight on a possible $6,000 USD bottom.
- Gold bug, Peter Schiff calls for correction in Bitcoin’s price to the $2,000s region.
Bitcoin May Dip Further Following Current Trends
Bitcoin is yet to bottom out following the current trends, as more price analysts ponder on the short term movement of its price. Since testing resistance levels at $13,800 USD in July, BTC bulls have relinquished their strength as the price fell below the $7,800 support levels earlier in the week. BitMex XBT Futures have since recovered from October lows at $7,749 ascending to $7,950 as at the time of writing.
However, the joy of holding out above its monthly lows at the $7,700s will be short-lived if the bearish technical indicators come to fruition. Since testing the $8,800 resistance levels earlier in the month, XBT futures bulls have struggled to hold out above the $8,000 level with analysts predicting a possible correction in price towards the $6,500 support level.
A short term squeeze on XBT Futures
Looking at the daily charts, there is a bearish momentum building upon the pioneer cryptocurrency as the price forms a falling wedge pattern. This indicates an ongoing bearish market with a possible reversal in momentum if the price breaks above the falling wedge resistance level in a bull market. It is a bullish signal if the price closes above the key resistance levels at $7,800 and $7,600 and tests major support at $7,500 USD in the coming month.
#Bitcoin: I opened short positions above $8,400 when we rejected resistance and showed lots of bearish signals!