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Bitcoin [BTC] Back into Bear Pattern with $5k Target – Here’s wha

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Bitcoin [BTC] Back into Bear Pattern with $5k Target – Here’s what Price Analysts Suggest
[Image: 84f90d8372d4cef2ebccb8b12ac29dcb?s=96&d=mm&r=g] Nivesh Rustgi Bitcoin News1 day ago


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Bitcoin [BTC] price dropped 3.2% on a daily scale yesterday, as it tested lows at $8280. While it closed slightly above the bottom wick at $7370, the bulls were not able to materialize a bounce.[/size][/size]

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The price of Bitcoin [BTC] at 2: 55 hours UTC on 24th January is $8284.
It has currently begun a downtrend on shorter-time frames. However, the lows are closing in onto a falling wedge pattern on the 4-hour chart suggesting a bounce soon.
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[Image: btcusd30-1024x432.png]BTC/USD 4-Hour Chart on Bitstamp (TradingView)
George, a derivatives and crypto trader, marks the areas for a probable bounce, he tweeted.[/size][/size]

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Quote:Right into weekly/monthly key level. Close the day above $8430 and I’m pretty confident we revisit 9k’s.
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The 200-DMA is currently at $8967.
Moreover, according to the volume profile indicating supply and demand range, the levels around $8000-$8200 are critical. Since it has a region of high volume profile the bulls will expect to hold above it. Trader Josh Rager tweeted,[/size][/size]

Quote:$8000 to $8165 has been an important area since May ’19 Expect a bounce here, even if short term If price breaks the support w/ ease will likely continue down
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It’s Like the Bears Never Left
Not only did the price get rejected from the 200-Day Moving Average, it is also back into the bounds of the long-term bearish descending triangle.
Derivatives and crypto trader, TraderXO, outlines a story of deviations in the recent bull run, suggesting that the last leg up could have been a ‘bull trap.’[/size][/size]

Quote: 
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[Image: btcusd-trn-1024x431.png]BTC/USD 1-Day Chart on Bitstamp (TradingView)
During bullish times, Bitcoin [BTC] has had a tendency to always protect the 200-period weekly Moving Average (currently at $5211).
Nevertheless, if the price breaks the range support in the $7k range, a test of the MA is very likely. TraderXO also tweeted,[/size][/size]

Quote:As I’ve stated like a broken record for the last several months 200 weekly MA around the range lows stands out for me the most – test the level and hold it = Im bullish! Forecasted trajectory at the range lows is 5.8 – 6k by end of Feb / March – lining up nicely for Q2/Q3
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[Image: weekly-1024x494.png]Bitcoin [BTC] Price Analysis (Source: Twitter)Hence, looks like $8500-$9000 is the barrier that the bulls need to overcome. On shorter-time frames a bounce at current levels would be welcomed. However, in the long-term it needs a break above the descending channel cleanly for a confirmed break-out.

Do you think the price will resume bearish momentum or bulls are here? Please share your views with us. 


Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst 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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