Bitcoin to Follow a Similar Path; Does BTC Price Need a 4th Bullish Push?

The post Bitcoin to Follow a Similar Path; Does BTC Price Need a 4th Bullish Push? appeared first on Coinpedia Fintech News

Bitcoin prints a fresh bearish pattern, which signals the possibility of diving to test new weekly lows in the coming days. The price is struggling to sustain above $29,200 after failing to hold above $29,400. Hence, a fresh bearish wave could soon be triggered that may break below the crucial support at $28,800. Despite the recent recovery, the BTC price continues to trade under a bearish influence, and hence the upside momentum appears limited. 

Bitcoin (BTC) Price Analysis for Short Term

• The Bitcoin price has rejected the bullish wave that it triggered a few days ago and has nullified all the gains
• The price is stuck up around the 0.23 FIB levels and is testing one of the important resistance levels at EMA-20 at $29,236 
• Meanwhile, the price has been facing a couple of rejections at these levels since the early trading hours, which suggests a bearish reversal could be fast approaching 
• If the price fails to hold the crucial support, then a deep dive to 0 FIB levels at $28,872 could be imminent. 

Bitcoin (BTC) Price Analysis for Long-term

• Although the BTC price flashes bearish signals in the short term, the long-term projections are extremely bullish
• The price appears to be replicating the previous trends, which ends up triggering a massive upward trend that may propel the price beyond $35,000 
• The price has triggered a bullish upswing each time the price dropped to test the lower trend line that it has been following since the beginning of the year
• Therefore, the price is believed to hold the upper trend line and plunge to test the lower ascending trend line support. Here more liquidity is expected to flow in which may lift the price beyond the major resistance at $32,557 initially and later at $34,484.