Bitcoin price consolidates in critical ‘make or break’ zone as bulls defend $42K

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The waiting game for cryptocurrency traders continues after Bitcoin (BTC) consolidates below the $ 43,000 resistance again, and a certain speed is expected that can support the $ 50,000 range.

Data from Cointelegraph Markets Pro and TradingView show that the price of Bitcoin has fluctuated between $ 41,500 and $ 43,000 in the last two days, and with rising tensions between Ukraine and Russia, many traders are less optimistic about Bitcoin’s short-term outlook.

1-day BTC / USDT chart. Source: Trading View
Here’s what analysts have to say about their short-term Bitcoin price predictions.

Is Bitcoin on its way to zero?
The popular cryptocurrency Peter Schiff has taken care of bitcoin’s latest problems by posting the following chart showing BTC’s double top as a sign that the digital asset will fall to $ 0.

Weekly BTC / USD chart. Source: Twitter
Schiff asked followers to “imagine how bad this chart will be when bitcoin falls below $ 30k”, and he emphatically predicted that “if the double top ends, the real ground is zero!”

Schiff sa,

“A fall to $ 10,000 may seem like an end, but there is no reason to believe that this level will remain constant.”
A more detailed reading of the formation of the current chart is given by cryptanalyst and Twitter user TechDev, who posted the following chart, which divides BTC’s “year range” into two-week sub-ranges.

Doubtful BTC / USD chart. Source: Twitter
techdev sa,

«Closing beyond one gave weeks of price movement the next day. Yesterday’s closing 2 weeks over $ 40,000 indicates that the previous closing was an aberration. The key to the current 2W lies in determining the sub-area we will use over the next few weeks. ”
Now it’s a bullish crossover.
Market analyst Caleb Franzen pointed to evidence that the price of bitcoin may start an upward trend soon when he posted the following chart showing daily light for BTC since October 2020.

Btc / usd 1-day chart. Source: Twitter
Franzen sa,

The red and white indicators use linear regression analysis to measure the slope of the regression at different time intervals (slow or fast). Up / down crossovers depending on the trend. Now it’s a bullish crossover … ”
Related: Bitcoin adopts 50-day moving average as trader expects new BTC price volatility

Was the fall below $ 40,000 a bear trap?
The recent fall in the BTC price below the support level of $ 40,000 was reviewed by crypto trader and Twitter user Phoenix who posted the following chart indicating that the fall was a deviation designed to “suck traders on the wrong side” and “traders’ breakout trap . ” force them to “hold higher / lower goals”.

Btc / usd 1-day chart. Source: Twitter
in Phoenix

“History does not repeat itself, but it often does. Most likely it was another aberration. At least close to the lowest, the feeling is identical, that’s for sure. ”
The total market value of cryptocurrency is currently $ 1.892 trillion and the Bitcoin dominance is 42.5%.

Source: CoinTelegraph

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