renowned technical analysis, Tone Vayssaid that Bitcoin’s next downside price target is around $14,500.
That’s what he said in Youtube Channel personal, Sunday (3/7/2022). According to him, the price of Bitcoin, which currently fails to last long above US$20,000 and previously slowly entered below the US$19 thousand region, has the potential to bring its price down to US$14,500.
“On timeframe weekly, candlestick Red bitcoins again. It can close at the lows, unless there really is a massive buying action. I think this is bearishincluding on timeframe 4 days,” he said.
While on timeframe daily, Vays says that Bitcoin is on the verge of breaking through support at US$19,000, which he notes could spark action sell-off other.
“Daily chart getting ready to buy based on MRI indicators. That is good news. The bad news is if the price is below support strong, it will make the price of BTC fall lower than before with target around US$14,500, that’s if there is any action flash sale massively,” he explained. When Vays did that analysis, the referenced BTC price was US$19,200.
At the time of writing, the price of BTC was around US$19,400, up more than 3 percent compared to the afternoon of July 3, 2022. The previous high was $19,600 in the early hours of July 4, 2022.
Relatively Stagnant Altcoins
Similar to BTC, mostly altcoins unstable and has been like that for days aka relatively stagnant. ETH, for example, had continued to trade around US$1,050. As of the start of the weekend, ETH had barely broken below $1,000, and before that it was standing above $1,100.
While BNB was still below US$220, ADA was at US$0.45, and MATIC had fallen 4 percent on a daily basis. In contrast, Ripple, Solana, Dogecoin, Polkadot, and Shiba Inu have marked less significant gains.
TRON has soared the most (4.3 percent in the day to trade at $0.065. LEO is up nearly 3 percent and close to $6. alt bottom and center, The Sandbox has seen the most impressive increase of 5 percent.
However the cumulative market capitalization of all crypto assets has also remained stagnant at around US$850 billion, which marks a huge decline since the start of the year and since November 2021. [ps]