Bitcoin Formed a Recent Top? A New Bearish Trend is Coming!

After taking another failed run at $10,000 level, Bitcoin price has shed around 5% on Monday

– declining from $9,500 to as low as $8,900, which is the first time that BTC prices below $9,000 since late May. Some believed that the decline of bitcoin this time seems to a “bear trap”, while others think it will drop to retest the $7,000 level. Let’s take a look from the technical analysis aspect.

Technical analysis signals a mid-term bearish movement

According to Justin Kwok, the analyst director from Bexplus exchange predicted that the bitcoin market has constituted a decisive top, a mid-term bearish run may kickstart. Bitcoin has continued trading around $9,400 overnight, struggling to garner any clear momentum as its buyers and sellers both reach an impasse. On the 4H chart, BTC price broke the lower band of the Bollinger Band. In addition, the bands separated, the uptrend movement might be ending and the volatility increases. Though bitcoin price pulled back soon after hitting the lower band, the Stoch RSI is about 85 which indicates an overbought state. It signals that a strong demand for lower low may exist. Therefore, in the short or mid-term, Bitcoin market may continue a bearish run.

Bitcoin Futures Trading – Earn Money during BTC Bear Market

Earn passive income with Quadency trading bot. Connect Binance account and use Quadency bot for 6 months completely free. Hurry up, this deal is not around for long!From the prediction above, we know that Bitcoin may start a downtrend movement for a period of time, investing funds in spot trade will only cause loss but nothing else. Bitcoin futures trading can help you make profits even in the market downturn and hedge loss in spot trades. Leverage trading is the key feature in Bitcoin futures trading, which is a tool that allows traders to take profitable advantages of small price movements and multiply gains.

In addition, futures trading enables traders to buy/long or sell/short, giving traders more chance to make money from the BTC market. Different exchanges provide different leverage ratio. The higher leveraged trading can lead to massive returns, but also to equally massive losses if you make wrong prediction on the market trend. 100x leveraged bitcoin futures trading is very popular among professional traders and whale investors. For instance, let’s say that you want to invest 1 BTC in btc futures contracts with 100x leverage and going short (i.e. when BTC drops from $9,400 to $9,000).

In bitcoin futures trading:

You will gain 100 BTC * ($9,400 – $9,000) /$9,000= 4BTC (which is equals to $36,000). In bitcoin spot trade, you will lose $400. Bexplus Exchange is one of the world-leading futures exchanges with no spread in cryptocurrency area. It provides Bitcoin, Ethereum and Litecoin perpetual contracts and more (buy up or sell- short anytime without expiration) with 100x leverage. Added 100x leverage, you can purchase 100 BTC contracts with only 1 BTC as margin. Stop-profit a stop-loss can also be set to lower the risks.

Easy registration with email address. No KYC is required, keep your personal information private.
10 free BTC for trading simulation.
Up to 100x leverage. Gain 100% profit on 1% price movement.
Buy or sell perpetual contracts anytime you want. No expiration.
Ultra-fast and simple withdrawal process.
Cutting-edge security features including two-factor authentication, cold wallet and much more.
High liquidity. All orders will be executed immediately with low latency.

Deposit Activity to Earn 100% BTC Cashback

To deposit BTC in the Bexplus account, you can earn 100% BTC bonus, which can also be used to trade futures contracts. The more deposit, the more bonus you will get. You can get up to 10 BTC as a bonus! Enjoy an anonymous cryptocurrency betting & casino with 20+ cryptos available and get a generous Welcome Package up to 7 BTC! Use promo code CPTCN1X to get 125% on your first deposit!CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Article Produced By
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

https://captainaltcoin.com/bitcoin-formed-a-recent-top-a-new-bearish-trend-is-coming/