Bearish signals mount for Bitcoin (BTC) as traders try to guess its next move

Bitcoin is up by 4.7% for the day according to coingecko.com and its market cap is abov $70 billion again after briefly falling below that mark.

Since there are no pauses in crypto markets and bitcoin doesn’t care if it is day or night, week day or weekend – we scoured the internet to see what some of the respected traders predict when it comes to bitcoin’s next move.

  • volume is declining on 1h candles which is a bearish signal
  • The Relative Strength Index indicates that Bitcoin has just climbed back into the  RSI graph after falling below the oversold zone. This is a sign of the selling pressure being much greater than the buying pressure.

Let’s start with the main trading hub – tradingview and some of its top traders analysis for bitcoin:



Here’s How We Will Know Bitcoin’s Next Move! (BTC) by MagicPoopCannon on TradingView.com


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Hi friends! Welcome to this update analysis on Bitcoin! Let’s get right to it. Looking at the hourly chart, you can see that BTC is in a clear uptrend channel (in blue.) Currently, price is testing the bottom of the channel. Price has touched it twice today, and both times the channel has held. So far, it appears to be supportive. For educational purposes, you could use this as a trading setup, particularly if price were to pop above the pink falling dotted trendline . However, it is a risky trade, because there is a lot of falling overhead resistance. Regardless, you could go long at a close above the pink dotted trendline , looking for a retest of the top of the channel, which could be up near $4700. That would be a 15% increase.

On the other hand, if we break below the blue uptrend channel right here, it will pretty much seal the deal for $3000. That doesn’t mean that $3000 would come immediately. We could chop around here for a while before heading lower. Regardless, the point is that we have another imminent breaking point on the chart, that we can monitor to determine the forward path of the market. Breaking above the pink trendline sends us on a risky uphill climb through resistance, toward the top of the channel. Breaking below the channel, eventually sends us to $3000, which would be a $25% loss from current levels. Obviously, the easier trade is to the downside, so I’m more interested in a breakdown from the uptrend channel , than a sketchy long trade through falling resistance. As I’ve said before, I don’t really care to go long until we see a confirmation above the 50 EMA on the daily chart , a capitulation selloff with a subsequent recovery on high volume , or powerful bullish reversal signal. Until either of those conditions develop, it’s best to remember that this is a bear market in a powerful downtrend. Selling the rallies is recommended.

 



Christmas BTC by MRodr on TradingView.com

BTC has taken a huge fall in under 2 weeks of over 30%, with a decent impulse up we are still far away from what this year has been the usual retrace, after the first pit stop at 4450 and usual resistance area we seebtc now start to push up into a second upwards impulse wave with targets around the 47s, if theres any buying power still left in the bulls we should see money and volume flow kick back in and push up over 5k, if not a bearish wave at 47 is expected to kick in, after that the move i believe we will be running another bearish wave sub 3k

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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