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The price of bitcoins is again declining, and there are already extremely bearish price targets, ranging from past bear market support at $ 6,000 to under $ 5,000, double-bottoming and possibly up to 1,000. dollars per BTC.
When the market becomes so exuberant, it's often time to go back, like the $ 10,000 bitcoin calls at the recent summit. A crypto analyst estimates that a rebound could occur sooner than expected if a bullish divergence hidden on Bitcoin price charts manifested itself in the coming days.
Bitcoin price: A hidden bullish divergence could signal a return to Bull
As the Bitcoin price was recently consolidated in a symmetrical or descending triangle, a two-way break was inevitable. However, the price of bitcoins fell as most markets expected them to recover and continue on their upward momentum.
Related reading | Crypto Analyst: Bitcoin under $ 5,000: a possibility
Although even the most bullish crypto analyst has gone bearish and has called for downside targets at outrageous lows, a crypto analyst who was bullish before the break remains confident and has even spotted an extremely bullish signal on the price charts Bitcoin that could indicate a rebound Coming soon.
$ BTC Weekly
$ 7,440 is an important level for me. Key support, as well as any price action higher than this, would result in a significant hidden upside divergence with RSI over that period. Will be looking at this area if we continue down. pic.twitter.com/zn9SS8qPwz
– The wolf of all the streets (@scottmelker) September 26, 2019
Scott Melker, DJ, producer and cryptography analyst, nicknamed "The Wolf of All Streets" spotted a huge hidden bullish divergence, or div div, on the Bitcoin price charts.
Melker has spotted not one but two hidden potential bullish divergences that could indicate that a massive upward movement is in the making. It is interesting to note that the price of bitcoin is based on the 50 EMA, according to the analyst, and that it could provide the necessary support for the first cryptographic asset, by market capitalization, to bounce back from this place and go back – potentially in the triangle.
He also claims that $ 7,440 is a "significant price level," which coincides with one of the last rebounds in the bear market of 2018 before the sharp fall in November of the same year.
$ BTC Weekly
The price is currently sitting on the 50 EMA on the weekly chart. The price is above this line since April, after the break at the bottom of the 5ks. pic.twitter.com/OrpREBtCAb
– The wolf of all the streets (@scottmelker) September 26, 2019
The only way to invalidate these signals and the historical support levels would be due to an additional extra drop. But as the price of bitcoin has already fallen more than 20% this week, it is likely that the recovery will take place before any further decline.
However, if Melker's calls are correct, any recovery could be sustainable to allow the bull market to return, but buyers will have to play a decisive role in ending the current distribution.
Related reading | The Bitcoin price crash could be the last test before the market is on the rise
The price of bitcoins has risen by more than 300% this year, which means that there are still many crypto traders at a profit who might be looking to sell or close the profit they have left. The more bitcoins fall, the longer positions that thought they could be safe could also be stopped, which would cause a cascading effect or "long pressure".
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