Bitcoin Price is making moves all the times day and night as the other currencies do. Now, by 2020, everyone waited for its price to make a big move, and the wait is now over. Soon, there will be a price signal, and everyone will come to know about the direction.
In the last few weeks, the price of BTC (Bitcoin) has barely moved by 2 per cent either above a fixed value or below it. So, it can now be named as a “stablecoin”.
In 2017, the first three months, the price of bitcoin was stable at about $900 for a long period. After that, in the second quarter of the year, the bitcoin price makes an explosion and increased by 300 per cent and is moving.
However, this long period of static price reminds me very much of early 2017, when Bitcoin stayed around $900 for the first three months of the year, which was followed by an explosive 300% move in the second quarter, and then just kept going.
Most people who are dealing with BTC for trading think that anything like that could happen in the remaining half of 2020 to boost up the price or the Bitcoin price will now dropdown.
Downward Trend of Bitcoin:
All of us know that the beginning of 2020, the first quarter, was a wicked spot for everything, including Bitcoin. However, some lucky people got a yelling 180 per cent ROI when they bought (invested) at a low price. It would be ignorant of anyone not to presume some of those people to be getting profit, so a phase of consolidation is a quite natural thing to assume.
However, BTC looks to be different from other digital assets because miners are finding positions the way so far. In contrast, miners have 50 per cent less BTC for selling, but first the consolidation and then pitched battle has resulted in putting Bitcoin in a trend going downward.
Simultaneously, to break out of this downward channel, Bitcoin is below 1 per cent away. The Bitcoin price at this time is seated at below $9,120, and the resistance of the descending channel on the daily is a mere $9,150.
It also sets the mid-channel maintenance about $8,900, and the final support ere signalling a bigger drop down at $8,350. Of hereabouts, all expectation of instant confinement would be suffered.
The approach of Hopium:
Streaking to the chart for Bitcoin of a weekly basis, and tracing Fibonacci lines using the ATH peak of the year 2017 to the bottom of 2019. We can notice that BTC has been hanging nearby the 0.382 Fib for many weeks, crossing up and down at different times.
With swapping of Fibonacci, you keep an eye over the next levels considering them as possible targets. Whenever the 0.382 Fib has been broken after surging through 0.236, the next possible target level is the 0.5 or 50% Fib, which lies at the 11,500 dollars value.