Trusted

Temporary Bitcoin Bottom Identified at $6900 by Analyst

2 mins
Updated by Adam James
Join our Trading Community on Telegram
The Bitcoin price has reached the lower limit of the current support area. However, the short-term structure does not yet indicate that we are in the initial phases of a reversal.
Bitcoin has been free-falling without showing any signs of a retracement since October 25. This is somewhat unusual since price decreases often bounce upwards once they reach a significant level. Cryptocurrency analyst and trader @Josh Rager stated that the $7400 support area holds significant importance since it has often acted as support — thus, it should be considered more important than the $7700 area. However, the Bitcoin price has broken down below this level since the tweet. Another popular analyst, @loomdart, identified $6900 as a more likely area for a bottom — due to a descending support line. Let’s take a look at this pattern more closely and analyze if the Bitcoin price will likely make a bottom there.

Descending Bitcoin Price Support

The Bitcoin price has indeed been following a descending support line created by the lows of July 16. The line has been validated four times. Also, it coincides with the bottom of the support area at $6800-$7200. Therefore, it is a likely place to initiate a reversal. Descending Support bitcoin However, in the short-term, the Bitcoin price is free-falling without a structure in place. Additionally, the volume has been increasing during bearish moves — as evidenced by the massive volume during the hourly candle at 11:00 UCT+1. Short-Term bitcoin Therefore, while it is possible that the Bitcoin price makes a bottom here, there is no short-term structure in place that suggests that the reversal has started.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored