Bitcoin to try again at $ 7,730, $ 7,850 over the next 24-48 hours; can dip lower

Bitcoin to try again at $ 7,730, $ 7,850 over the next 24-48 hours; can dip lower card ̵[ads1]1; AMBCrypto

20% fall in Bitcoin over 2 days has once again proven that BTC is a very unstable asset and that anything can happen in a few days or hours. This fall caused liquidations worth about $ 700 million on BitMEX. While the price seems to have fallen, things may not look as they seem.

Hourly and Daily Chart

The sudden drop in the Bitcoin price could easily be attributed to volatility; 30-day volatility for BTC hit the bottom on September 16, which is usually followed by periods of high volatility. In addition, the fact that Bitcoin consolidated for over four months and was founded for a free minute explains the recent fall in the Bitcoin price.

Source: TradingView

The price of Bitcoin is stuck in a consolidation pattern that will eventually erupt to the bottom from the looks of it, as the pattern seems very similar to what is seen directly above it. The deviation from the current pattern could cause BTC to go down to $ 7,700 or hit a roadblock of $ 7,850.

Source: TradingView

The daily chart for Bitcoin paints a bleak picture, mainly for two reasons, [19659009] The price has closed below the 200-day moving average, which is extremely bearish for Bitcoin.

  • The 50-day moving average is not far behind as it also closes for a death cross.
  • The chances of Bitcoin falling further become more concrete when the 0.5-fiber level is broken, along with subsequent rods below the 200-DMA. If the scenario is ever played out, Bitcoin could reach $ 6,680 or even find a mid-term support of $ 7,300 – $ 7,400.

      Akash Girimath

    Akash is a full-time cryptocurrency writer and analyst on AMBCrypto. He is an engineering major with a keen interest in finance and economics. Attracted by the chaos of commerce, Akash has invested in BTC, ETH and XRP for educational purposes.

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