Bitcoin saw a “Mega rejection” in the $ 9,200, and it should be worrying for the bulls
In recent days, Bitcoin (BTC) has stagnated, finding itself between a rock and a difficult place. Many analysts are currently undecided on where the cryptocurrency will go in the coming weeks, although a prominent trader recently pointed out that the BTC price action at $ 9,200 could be a precursor to a greater disadvantage.
How bearish is Bitcoin rejection from $ 9,200?
Following Bitcoin’s sudden collapse from $ 9,200 last week, Haejin said this represented a “mega rejection” on a daily basis. Specifically, he noted the fact that BTC saw a new bearish test of the 200-day moving average, collapsed from an ascending wedge of several weeks and could not overcome the key macro resistance: three signs that show that the bears remain decisively controlling.
So what does this “mega rejection” mean for Bitcoin announced by Haejin? Well, it meets a bearish fractal that the commentator presented.
According to previous NewsBTC reports, this Haejin last week noted that the Bitcoin price action from the high of $ 14,000 in June eerily reminiscent of what was seen in the bear market of 2018, with both cycles watching a downward price channel , a false rupture formed in ascending wedge (like the one we have just seen), decrease in volume and signs of capitulation.
Then, Haejin added that if BTC follows the exact path it made in 2018, the price will soon collapse again to $ 6,000, then Bitcoin will capitulate in March or April to fall as low as $ 3,300 at the time of halving.
Can Bitcoin bulls intervene?
Although this growing break in the wedge is remarkably bearish, analysts have not lost hope that the bulls will eventually intervene, denying the aforementioned fractal analysis.
Just this week, analyst Filb Filb, who remarkably called the Bitcoin flash bomb at $ 9,000 and crashed at $ 6,000 at the end of 2019, wrote in a recent newsletter that he is optimistic about BTC in reducing the reward in block or “halving” scheduled to take place in May:
“In general, Bitcoin is exactly where it was predicted; moving slowly towards the previous resistance. I am of the opinion that Bitcoin will reach at least a $ 12,500 level before halving or halving. “
As to why $ 12,500 makes sense, he pointed out that that is the “main objective” for a head and shoulders inverse bullish chart that is being formed in the medium term for Bitcoin.
There is also Financial Survivalism, an operator that in December predicted as a possibility to BTC the $ 8,000 and $ 9,000 we have just seen, explained in an extensive TradingView publication that it believes that BTC is on track to reach $ 20,000 by 1 July.
Survivalism cited a series of strong technical factors and the impending halving or halving.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.