After Bullish Weekly Bitcoin Price Close, Bearish Factors Force Downside Targets

Last night saw the weekly close in Bitcoin price charts. All eyes were on the important weekly close, as Bitcoin price hovered right around weekly resistance that has kept Bitcoin in a downtrend since the start of 2018 – a downtrend that the leading crypto asset is very close to finally breaking out of for good.
Bitcoin price ended up closing the weekly with the highest weekly close in all of 2019 and most of 2018 but was unfortunately not enough for bulls to prevent bears from potentially regaining control. Should Bitcoin price fall from here, bears would once again have the upper-hand, and despite the seemingly bullish close, bearish factors are forcing crypto analysts to consider downside targets now that Bitcoin was rejected from weekly resistance above $11,500.
Bitcoin Price Weekly Candle Close Was Most Bullish in All of 2019
Bitcoin price closed its weekly candle above $11,500 – a critical price level that breaking above may hold the key to unlocking the full bull run in crypto markets. The close was the highest weekly close in over a year and the first since January 2018 when Bitcoin’s bear market first began.
Related Reading | Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving 
However, despite the weekly close being the most bullish of all of 2019, two important bearish factors are cause for bulls and bears alike to consider downside targets in the near future.

Ethereum (ETH) Forming Bearish Pattern, $186 Hold Key
Thursday November 07, 2019

Ethereum price is struggling to climb above the $192 and $195 resistances against the US Dollar. It seems like a head and shoulders pattern forming with support near the $188 and $186 levels. This...

The post Ethereum (ETH) Forming Bearish Pattern, $186 Hold Key appeared first on 12bitplay - Bitcoin Play.

Bears dumped $BTC below weekly resistance just a few seconds before weekly close. 10.8k looks likely now pic.twitter.com/EwMfRPCOFo
— MUROCRYPTO (@MuroCrypto) August 12, 2019

Bitcoin Low Timeframe Fractal Matches Weekly Price Action, But Is There More?
Monday November 11, 2019

Fractals are repeating patterns that are commonly found all throughout nature but also playing out on the price charts of financial assets like Bitcoin and other cryptocurrencies. One prominent crypto trader has pointed out...

The post Bitcoin Low Timeframe Fractal Matches Weekly Price Action, But Is There More? appeared first on 12bitplay - Bitcoin Play.

According to crypto analyst MuroCrypto, bears were able to dump Bitcoin price just below weekly resistance a mere few seconds before the weekly candle close. With under a minute left in the weekly trading candle, a nearly $150 1M candle sent Bitcoin price spiking downward. Bulls pushed back, closing the weekly above $11,500 but failing to close above the critical weekly resistance point at $11,560.
Bears were able to push the price down in a matter of seconds, as can be seen by the long wick on the candle highlighted by the red arrow. Chart via TradingView.
BTC Weekly Close Confirmed Uptrend Line as Resistance, Big Drop Could Be Ahead
Trendlines are important lines that price travels along, often bouncing at increasingly higher or lower support until the trendline is broken to the up or downside. Oftentimes after an important trendline breaks, the price of the asset in question will come back up to retest the support turned resistance as such, and if confirmed sends a powerful signal to the market and its participants.

Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold”
Monday November 11, 2019

Last week, speaking at the New York Times DealBook Conference, David Marcus, the head of Facebook’s cryptocurrency projects, called Bitcoin “digital gold,” while simultaneously arguing that the coin is not a good currency for...

The post Peter Schiff Fires Back After Facebook Crypto Head Calls Bitcoin “Digital Gold” appeared first on 12bitplay - Bitcoin Play.

#bitcoin weekly
Rejected on retest of the uptrend line breakdown. Not a great sign for the bulls.
I wouldn't rule out a retest of lower 10k region. pic.twitter.com/PWuYHWYEXp
— NebraskanGooner (@nebraskangooner) August 12, 2019

Bitcoin’s parabolic uptrend line carried the crypto asset from its bottom around $3,200 all the way to a local high of $13,800 at the end of June. Last night’s weekly close also confirmed the former uptrend line as resistance at the weekly close, making a retest of the “lower 10k region,” a strong possibility.
Related Reading | Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead 
Bitcoin price had been locked in a symmetrical triangle for days, which could signal either upside continuation or a downside reversal. The triangle ultimately broke downward and would have a $10,600 target that coincides with the price targets prominent crypto analysts are citing above.
The post After Bullish Weekly Bitcoin Price Close, Bearish Factors Force Downside Targets appeared first on NewsBTC.

You may also like...