Bitcoin tests $ 17,000, but is there another crash ahead? (BTC price analysis)
Bitcoin tests $ 17,000, but is there another crash ahead? (BTC price analysis)
The price of Bitcoin is broken via a significant sliding average that has been a resistance in the past few weeks. The market seems to be ready to rise higher in the coming week if the remaining negative factors do not hinder the forming dynamics.
technical analysis
from: Edris
the daily type:
In the daily time frame, the price finally closed above the sliding 50-day average after it had not done so and has been rejected several times in the past few weeks.
This outbreak apparently paved the way for a rally in the direction of the resistance level of $ 18,000 and maybe even higher. A breakthrough over the wedge pattern would probably lead to a bullish price movement in the medium term, as this is considered the reverse pattern in a bear market.
If the price falls again below the sliding 50-day average, the likelihood that it will fall in the direction of the support zone of $ 15,000, accordingly.
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The 4-hour diagram:
With a view to the 4-hour chart, the fake outbreak and the declining scenario appear more likely, since the price has not yet been broken over the resistance range of $ 17,000 in order to maintain the formally formed.
In addition, the RSI indicator shows a clear bear-in divergence signal, which further reinforces the likelihood of a short-term reversal.
An impulsive rejection of the current price level would probably lead to a decline in the direction of the support level of $ 15,500, which would be the last way out of the bulls.
All in all, it becomes interesting from a technical point of view, since the behavior of BTC around $ 17,000 marks will probably determine the medium-term trend of the cryptom market in the next few days.
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onchain analysis
of Shayan
The following diagram contains the metric of the realized price, one of the most valuable indicators to determine whether Bitcoin is subordinate or overvalued. Typically, the price remains during bullish market cycles above the realized price. Conversely, the price falls below the realized price during the last surrender phase of a bear market, which entails considerable fear and uncertainty. During this time, market participants are under great stress and distribute their assets to avoid additional losses and to control their risk of further market fluctuations.
In view of the previous cycles, the beginning of a bull market is expected as soon as the market price exceeds the realized price. This has not yet happened because the cryptocurrency could not break the realized price, followed by a short leg downwards.Consequently, the sustainability of a positive price campaign is questionable unless Bitcoin exceeds the realized price ($ 19.7,000).
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