Ouch. Once again, bears have asserted control over the cryptocurrency market, pushing Bitcoin (BTC) under the key $8,000 support level after a multi-week battle above said level. As of the time of writing this article, the cryptocurrency is changing hands for $7,650, down some 5% in the past 24 hours, though BTC traded as low as $7,450 earlier Thursday.
While there remains a chance for a bullish bounce, all eyes are on $7,900. The one-week Bitcoin Super Trend, “which can give you precise buy or sell signal in a trending market” by using moving averages and other simple technical indicators, is currently sitting on $7,900. The indicator suggests that a weekly close under that level will mean that the long-term bull trend has technically ended.
This isn’t the only evidence suggesting that $8,000 will be of utmost importance for Bitcoin to close above in coming trading sessions. Jacob Canfield, a professional Bitcoin trader, recently took to his Youtube channel to explain why this price level does carry so much clout.
Long story short, according to the VPVR, a volume indicator that tells you price levels that have been historically important, $8,000 is the most-traded volume level of 2019. In fact, Canfield’s chart seemingly suggested that it is one of the most important price levels for Bitcoin of all time. “Price tends to gravitate to volume nodes; they act as support and resistance,” the analyst further explained.
https://www.youtube.com/watch?v=l3so6BzXsnA&feature=emb_logo
Ball in Bitcoin Bears’ Court
Though some are holding onto hope that Bitcoin holds $7,900 on the weekly, a leading analyst has asserted that bears are most likely in control.
Per previous reports from Ethereum World News, Peter Schiff, a prominent cryptocurrency critic, said Thursday that the leading crypto asset is preparing to drop by upwards of 80% to $1,000.
More specifically, Schiff said that Bitcoin is nearing the neckline of a head and shoulders chart pattern, which suggests that if it’s broken, a measured move to $1,000 will be had.
This comes just a month after he asserted that Bitcoin’s price chart “looks horrible.” He remarked that the “(bear) flag that followed the recent breakdown projects a move to $6,000.”
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