Weekly Bitcoin Price Analysis: While the Bearish Narrative Unfolds, the Bears Target Even Lower! Is Bitcoin Continuing the Downward Pattern? – Week 29 (2019)

As another bearish target is in sight, the analysts believe Bitcoin is more likely to move even further below. Will this become a reality?

The bears have returned, and it was almost as fast as the bullish euphoria that took over the market.

Just when we thought things are about to move in a more positive direction, the bulls started failing so the perfect chance for the bears was created.

After attempting and successfully setting several yearly records, the bulls, unfortunately, lost their traction.

This lack of power led to an intense struggle with the bears for multiple weeks in a row.

Although some weeks were positive stretches for the bulls, within smaller periods, we were all able to see how hard they fought to keep their advantage.

However, the time when the bears are moving quicker than the bulls has come. The bears have come back stronger than before.

While the majority of cryptocurrency enthusiasts find this occurrence surprising, stating that Bitcoin did not show questionable signs, some analysts saw this coming.

Once again, the wider market shifted bearishly, and the belief is that the downward trend line will likely continue.

If the bearish narrative progresses, Bitcoin will probably move down to $6,000 sooner than we all expected.

It will be a tough battle to change the course of Bitcoin’s movements. As many things are unsure in the world of cryptocurrency, it is currently unknown whether the bulls will be able to gain their traction in the near term.

The bears look just too fierce to let the bulls take over, so the only thing we can do is hope Bitcoin will not touch its rock bottom again.

Together with the drastic and unfortunate fall of the bears, the important weekly metrics found their way down as well.

Bitcoin’s total market cap, after reaching $204.3 billion last week, decreased to $169.6 billion in the last seven days.

Expectedly, the total market also did not recover. Continuing its decline, the total market cap reached $256.7 billion after recording $312.7 billion last week.

However, one index keeps surprising us every now and then. Even though the rest of the metrics are bad, the dominance of the world’s biggest cryptocurrency kept raising.

Yet again, Bitcoin’s dominance elevated from 65.4% to 66.1%, which only contributed to the constant placement of Bitcoin on top of the ranks.

Bitcoin Price: Weekly Chart

Identical to every weekly Bitcoin price analysis we do, it only takes one look at the chart to be able to see the failure and the hard battle that led to it.

The graph itself displays the numerous attempts of the bulls to win the bears over, but they were unsuccessful every single time.

This week’s chart is simply a showcase of Bitcoin’s downgrade from something completely prosperous and promising to something truly fragile and uncertain.

Before we dive into this week’s analysis, we would like you to know that what you are about to see is Bitcoin’s most dangerous zone.

Shall we begin?

Regularly starting from Wednesday, the end of our last Bitcoin price analysis, the coin rested at $12,573 against the U.S. dollar.

Back then, this price was considered positive, given last week’s major tribulations.

During last Wednesday, July 10, the bulls did not only succeed in pushing the coin above the $13,000 line but managed to break down as well.

After climbing to $13,102, which ultimately marked the highest point of this shaky week, Bitcoin’s price dropped significantly.

By the end of Wednesday, Bitcoin’s price was found at $11,800, which is one of the riskiest areas Bitcoin can be in.

With Wednesday’s descend, the bulls lost their confidence, thus the rest of the week up until today was definitely rocky and unsteady.

On Thursday, July 11, Bitcoin escaped the dangerous zone around $11,000 and settled above the $12,000 line one more time.

This was the last time Bitcoin rose above this significant line for the rest of the week.

From that point on, the bears controlled the wheel, so the downward path began.

Indeed the bulls were fighting to defeat the bears, but each of their tries was simply doomed.

As Thursday ended, the weekend was welcomed with a price of $11,229 indicating the bulls’ multiple struggles.

Similar to last week, this week’s price chart also shows some positive signs that were ultimately not enough.

Although the bulls were not successful in guarding Bitcoin to achieve new goals, they were at least somewhat successful during the weekend, when they tried their best to keep the coin from falling below.

On Friday, July 12, Bitcoin started its slow increase. During Friday and Saturday, the bulls did manage to continue an insignificant uptrend, leading the coin from a price of $11,295 to $11,814.

Getting closer to the $12,000 line, which represents a more sturdy resistance level, demonstrated that the bulls would not be giving in—at least not without a fight.

However, on Sunday, July 14, changed Bitcoin’s course for the worse.

The arrival of the weekend brought a wave of hope, and Sunday swiped it away.

When the end of the weekend approached, the bears had already acquired a lot of power, so Bitcoin’s price was falling drastically.

By the time Sunday ended, not only was the price of the most dominant cryptocurrency in the world descending, but it was also pushed below the line that was considered a solid bottom at that point.

Given this, lower support and resistance levels were created, unknowing what lies ahead for Bitcoin.

The brand new week was started at a price of $10,058.

Considering the price Bitcoin settled for on Monday, July 15, the bulls had no other choice but to try to bring the coin to a higher level. They began with a gradual boost. Such a small increase can clearly be seen on the graph, illustrating the will of the bulls to not be crushed again.

However, on July 16, the price of Bitcoin continued its already-established downward course.

The bears initiated a sudden fall, resting the coin at a price of $9,599. This failure is obvious on the weekly chart.

On Wednesday, July 17, the price of Bitcoin kept decreasing, eventually reaching $9,353.

The price marked the lower point of this week’s price analysis. At the time of writing, Bitcoin has a price of $9,520, which points to insignificant progress.

Bitcoin Price: Daily Chart

Following the several unmatched weekly and daily charts, we once again have a daily graph that perfectly matches the weekly chart.

Almost identical to the weekly chart of Bitcoin, the one-day chart shows the fall of the bulls as well.

The graph, just like the seven-day chart, shows the gradual descend in Bitcoin’s price, from which we can see how powerful the bears actually performed this week.

This time around, the daily chart of Bitcoin price shows that the relative strength index does in fact produce lower highs.

In case the momentum indicator does not make a bullish break, at least to above the 53 level, this can add to Bitcoin’s bearish action that already prevails.

The Stochastic RSI oscillator remains in the area of overselling and has not yet entered the bullish territory.

The trading volume, even though it was relatively low, boosted the chances of market manipulation, especially during the weekend.

The daily chart displays a decent amount of volume, which is definitely a positive sign.

However, considering the fact that Bitcoin is still in the danger zone, we are not writing off the possibility of a negative turnaround.

Bitcoin Price: 4-Hour Chart

Opposite than last week, the hourly chart of the BTC/USD pair points out to the creation of a major bearish trend line.

While last week the bullish course was formed near the $12,700 line, this time a significant bearish pattern was formed with resistance near $10,060.

Due to the uncertainty that accompanied the market for weeks now, the majority of cryptocurrency enthusiasts believe that as of now, Bitcoin is more likely to continue its downward pattern rather than trading at higher prices.

The hourly MACD lost its momentum in the bullish zone, even though it was gaining pace last week.

Currently, this index shows signs that it is about to make a cross over in the bullish zone, but we’re unsure about whether that is going to be achieved or not.

The hourly relative strength index, as a very important indicator, shows positive signs another week in a row.

Last week, the hourly RSI was spotted moving upward, and given the failures that happened this week, it still has the chance to move towards the 40 level soon.

On the side of the bears, the next support area lies near the $89,200 line. Further below is the significant $9,000 area.

From above, Bitcoin is already facing the $9,650, $9,800 and the major $10,000 area.

Breaking above the $10,000 line will once again lead the coin in a risky zone, but it will at least have the chance to improve.

In case the bulls are successful in pushing Bitcoin to trade at higher prices, the next resistance lies around $11,600 and $12,000.

Since the setback, many things changed for Bitcoin and the bulls.

The air of uncertainty dominates as we are impatiently waiting to see which notable trading move the bears are about to make.

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