Analysts expect Bitcoin to continue to decline
It’s been a relatively quiet day for Bitcoin Revolution, as the reference crypto currency has moved sideways after a big drop yesterday that brought the price down to $14,800.
However, the buying pressure at these low levels proved too much for the bears and immediately triggered a V-shaped recovery.
However, this trend may be changing, as Bitcoin Revolution has recorded several firm rejections for $16,000, with buyers completely unable to maintain value at this level.
The BTC is now trading above $15,000 in the region and is struggling to maintain upward momentum as buyers and sellers appear to be stuck in a short-term deadlock.
This trend of stability may not last long, as one analyst points to a trend that indicates an imminent downward movement.
Bitcoin and the rest of the crypto-currency market have experienced fairly quiet trading in the last few hours, with bulls and bears reaching an impasse with the consolidation of BTC.
This current stability comes after BTC experienced a strong sale yesterday, but was quickly absorbed by the bulls.
The next step for BTC depends largely on whether it can stay above its support in the lower range of $15,000.
A trader does not consider this to be a realistic possibility and expects the BTC to see a significant move lower after testing a key resistance level.
Bitcoin Struggles to Gain More Momentum
During Bitcoin’s several weeks of upward trend, the bears did little to slow the rise – each sale was short lived and new highs were quickly reached.
At the time of writing, Bitcoin is trading slightly lower at its current price of $15,400. On the last day, the asset has been consolidated here.
The next step will probably depend on whether Bitcoin can advance to $16,000 – or if there’ll be a further increase in selling pressure.
BTC will tend to go down if it doesn’t exceed $15,400.
One trader now believes that Bitcoin (Buy Now? Click here for instructions) is likely to suffer more losses if it can’t break through and stay above $15,400.
He says that although breaking this level could lead to a rise, for him the “way down is the most likely outcome”.
“BTC is struggling to get back above this $15,400 level. That’s still the case, but the way down is (for me) the most likely outcome. One of the few times when the candlestick chart is perhaps cleaner for me. Take that back and we’re heading for the highs, reject that and we may be heading for the lows.
The next few days should provide insight into Bitcoin’s response to this critical level, which could set the tone for trends in the coming weeks.