Bitcoin [BTC] Price Analysis: BTC Drops to $7600; Pullback to $6500 or $10000?


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Bitcoin [BTC] Price Analysis: BTC Drops to $7600; Pullback to $6500 or $10000?

Bitcoin [BTC] pulled back by 3.88% at the end of day on 22nd May 2019. The price plummeted from $7932 to test low at around $7500. The price of Bitcoin [BTC] at 4: 45 Hours UTC on 22nd May 2019 is $7665. The total market capitalization of Bitcoin lost about $5 billion.

BTCUSD
BTC/USD 4-hour Chart on Coinbase (TradingView)

The altcoins also dipped taking a cue from Bitcoin [BTC]. Key support levels on Ether [ETH] at $250, Litecoin at $90 and XRP at $0.4 were also broken as altcoins dropped by more than 5%.

Bitcoin seems to be driving the sentiments of the cryptocurrency markets. The market dominance of Bitcoin over the cryptocurrency market is 56.8%.

On the 4-Hour Chart, Bitcoin is testing the ascending triangle trendline on the downside. However, it is still within the borders of the triangle. A break-out towards positive or negative, both is possible. A break above $8350 would be strongly bullish.

The RSI on the 4-Hour Chart is towards the over-sold region at 41. However, the price has moved below the 50-Day moving average which can be a bearish signal. The MACD is also diverging on the towards the downside.

BTCUSD
BTC/USD Ascending Triangle (TradingView)

On a daily scale, the RSI is has moved in the neutral zone between over-bought and the over-sold region at 61. Nevertheless, the MACD seems to be converging after the bullish move cooled down, which might be a bearish signal.

BTCUSD
BTC/USD 1-Day chart on Coinbase (TradingView)

On a weekly scale, the RSI is in the over-bought region above 70. The MACD is at 11.9, which is still diverging, hence seems bullish. On the weekly chart, the 100-Day Moving Average which Bitcoin [BTC[ could test on the downside is at $6637.

Where do you think Bitcoin [BTC] will break, towards a correction or the bulls? Please share your analysis with us. 

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Bitcoin [BTC] Price Analysis: BTC Drops to $7600; Pullback to $6500 or $10000?
Article Name
Bitcoin [BTC] Price Analysis: BTC Drops to $7600; Pullback to $6500 or $10000?
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Bitcoin [BTC] pulled back by 3.88% at the end of day on 22nd May 2019. The price plummeted from $7932 to test low at around $7500. The price of Bitcoin [BTC] at 4: 45 Hours UTC on 22nd May 2019 is $7665. The total market capitalization of Bitcoin lost about $5 billion.
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CoinGape
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

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

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Nivesh Rustgi 537 Articles

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

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