BTC Signal Appears After 5 Years: Is The Price Going Up Or Down?

We all saw how the Bitcoin price news positioned the dominant coin above $9,000 two times over the past two days – and the huge 20% surge in value last week was finally topped off at this level. However, a new BTC signal appears now for the first time since 2015 – showing us that the major cryptocurrency could still be in a downtrend.

The halving of the major coin is now less than 2 weeks away, which is why it might seem like a no brainer to go long on Bitcoin and catch the next explosive move. However, not all analysts are certain if there will be an explosive move in the first place.

According to one chart, the BTC signal appears after 5 years and shows that the price may have topped out. We are sharing the graph below.

In last week’s analysis of the Bitcoin price, we shared two possible ascending channels, one of which proved invalid. This week, the cryptonews show that there also may be a possibility of presence in neither channel – and a sign that we could still be in a downtrend since the June 2019 pump that almost hit $14,000.

The upper trend line for BTC is now validated by three touches. The BTC signal appears and shows that the immediate downside is as low as $3,000 with the moving average hovering around $6,300. According to some analysts, the latter is the realistic price of Bitcoin now – and the current price of above $8,800 is only “a pump” that is happening because of the halving that is approaching.

On the upside, the $9,550 is a critical level to focus on. It is both the 0.382 and the top of the channel – which is why claiming this level could see Bitcoin soar towards the 0.5 Fib of $11,500 which also puts the 0.618 Fib of $13,500 on the table.

Still, there is a long way to go and according to many, these price levels may not be seen that easily. However, with the BTC halving approaching in less than two weeks, the BTC signal appears to be showing an upward potential.

All in all, both of the options for Bitcoin are now in play – and the play is expected at the start of the new week.