Bitcoin [BTC] has been treading on the lower end after an extraordinary month. BTC has been trying to find support at the $7500 level. However, the apprehension towards a downside is proliferating. During the weekend, it dropped by. The price of Bitcoin [BTC] at 4: 30 hours UTC on 10th June 2019 is $7659.
According to most trading analysts, $7500 is an essential level from a couple of perceptions. According to B.Biddles, Bitcoin could plummet a ‘falling knife’ below $7400. He tweeted,
$. Watching this next 7.4 retest closely. If it fails, you never know where a knife may catch, but 6 is a reasonable guess.
The falling knife analogy is highly ominous as it implies that $5000 levels are on the cards as well. Nevertheless, according to another leading analyst, alias Sawcruhteez, $6800 would be next support. The $7500 indicator theory, however, remains intact in his analysis as well. He said,
# is testing a crucial area of support from the 200 EMA (4h) & previous horizontal. If we continue to close above $7,615 then we should eventually breakthrough the top of the channel & continue the bull trend. If we break down $7,500 then I’ll be setting bids at $6,800.
The bearish rhetoric was also indicated by early Bitcoin investor and trader, Richard Heart who tweeted,
Here’s how the confirmation candle after the doji closed. Weekly chart. We just got a new weekly candle an hour ago.
The implication of a ‘doji‘ is uncertainty in the markets. Hence, the Bearish Marubuzo (long bearish candle) seems to confirm the negative price sentiments prevailing in the markets currently. The weekly trading will be instrumental in either building support above $7500 or breaking bearish.
Gold Pulled a Step Back and Facebook Globalcoin Announcement Next Week
The essential market indicators for Bitcoin at the moment are global economic issues like the US-China trade war. Moreover, Bitcoin proponents believe that Bitcoin has more utility and potentially will be the new safe haven against the world economy.
Gold was looking to rise to new highs as speculation around Federal ‘interest rate cut’ and escalation of the trade. However, it has also pullback from the week before,
Facebook’s cryptocurrency announcement is reportedly due next week on the 18th of June 2019. This will form an important market indicator as until now; the Social Media Giant has made no formal statements.
Where do you think the price is headed next? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com