In a dip that matched last Friday’s, bitcoin fell back to $9,780 during Asian trading today. The trend has been clearly down this month and further losses have been predicted for BTC by leading crypto analysts.
Bitcoin Back in Four Figures
At the time of writing, BTC was clinging on to the $10k level after a dip just below $9,800 a few hours ago according to Tradingview.com. The fresh fall marks the fifth time bitcoin has fallen back below this key psychological level indicating that the bulls have run out of steam above it.
The ‘death cross’ is imminent as the 50 hour moving average is about to drop below the 200 hour MA. This has already occurred on the four hour chart signaling a strengthening of the down trend. The move has caused an escalation of panic and fear as usual though BTC is still trading in a range bound channel.
Trader and analyst ‘CryptoFibonacci’ has taken a look at a line chart which targets support at the mid-$9,000s level.
$BTC Daily Line Chart.
— CryptoFibonacci (@CryptoFib) August 22, 2019
Fellow trader ‘CryptoHamster’ has picked up on the panic and eyed a region of $8,500 to $9,200 as a buyback zone.
Bloodbath. Everyone says:
“it goes to 8.5k/8k/7k” (pick your favorite).
“We need to test 21EMA!”
“There was not enough pain”
And so on.
Question: does market go as the crowd expects?