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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Could Still Plunge to $6,000, Says Top Analyst

Yashu Gola
Yashu Gola
1 year ago
2 mins read
cryptocurrency, bitcoin, crypto

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Bitcoin plunged deeply a day after it climbed above the $10,000 milestone. And according to one top market analyst, the cryptocurrency could still fall back towards $6,000.

Full-time trader PentarhUdi confirmed that bitcoin is trending in a giant triangle since it established an all-time high of circa $20,000 in December 2017. The cryptocurrency’s jump to $10,000 allowed it to restest the Triangle Resistance for the first time in eight months.

cryptocurrency, bitcoin, crypto
Bitcoin trending inside a big triangle range | Source: TradingView.com, PentarhUdi

The same level, as shown via a bold redded descending trendline in the chart above, earlier sent prices back. PentarhUdi theorized it could repeat the pattern.

“It is interesting that B-waves inside have impulsive sub counts,” the analyst wrote. “We have wave b of (C) here in its termination state, which shows textbook ending diagonal with falling volume and multiple oscillator bearish divergences. Ending diagonal allows some upside from here even temporary breaking resistance lines.”

Bitcoin Downside Target

A bitcoin pullback could lead bitcoin to complete the wave [C]. The move concludes towards the Triangle Support, the light redded ascending trendline on the chart above, sitting below $6,000. PentarhUdi thinks the pullback could extend towards the 200-weekly moving average, a wave that is now near $5,300.

“If this idea is correct, price should fall from current levels down to weekly MA 200 in term of 1-3 months,” he wrote.

cryptocurrency, bitcoin, crypto
Bitcoin eyeing close below $6,000 | Source: TradingView.com, Coinbase

The downside target also coincides with the 78.6 percent Fibonacci level of the swing from the local high of circa $14,000 to low of circa $3,120. It is also near the support of the greened Descending Channel as NewsBTC discussed in one of its earlier analysis.

More so, a move back into the Descending Channel would completely invalidate the breakout as fakeout.

The Bullish Case

PentarhUdi mentioned certain price moves that could totally invalidate the giant triangle range. The analyst noted that bitcoin is bullish long-term, which could allow it to break above the Triangel Resistance. Meanwhile, breaking above $11,000 could also invalidate the bearish move altogether.

“Breaking upper bold red line (now or later) will open door to the long bull run. Price is long-term bullish while it stays above weekly MA 200,” said PentarhUdi.

NewsBTC’s Fib retracement lines are also targeting circa $11,300 as the next weekly resistance. Meanwhile, the 50-weekly moving average (near $8,000) could keep bitcoin from falling towards $6,000 or below.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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