{"id":386877,"date":"2021-12-28T23:00:00","date_gmt":"2021-12-28T20:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k\/"},"modified":"2021-12-28T23:00:00","modified_gmt":"2021-12-28T20:00:00","slug":"analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k\/","title":{"rendered":"# Analysts warn that possible downside wick could push BTC price as low as $44K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26ea87a1542\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26ea87a1542\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k\/#A_bearish_RSI_divergence_prior_to_the_reversal\" >A bearish RSI divergence prior to the reversal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k\/#Possible_dip_to_44000\" >Possible dip to $44,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-warn-that-possible-downside-wick-could-push-btc-price-as-low-as-44k\/#Waiting_for_a_breakout_above_52000\" >Waiting for a breakout above $52,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts warn that possible downside wick could push BTC price as low as $44K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 before bulls managed to stem the outflow. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/e93b6177-431d-4536-9838-d21f6ecfd63c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what several market analysts are saying about the reasons behind this latest correction and what to look out for as 2021 comes to a close. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_bearish_RSI_divergence_prior_to_the_reversal\"><\/span>A bearish RSI divergence prior to the reversal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into the technical reasons for the year-end correction for BTC price was offered by options trader and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user John Wick, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/1475863787412627461\">posted<\/a> the following chart highlighting a bearish \u201cfake out\u201d as the price of Bitcoin began to reverse. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/770ee15e-23e3-4341-b721-6779834f3959.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Wick explained:<\/p>\n<blockquote><p>\u201cWe formed a double top that was clearly defined by bearish RSI divergence. Notice how price action trends up, while RSI was trending down. We also had a bearish Alpha Thrust &amp; Squeeze fakeout.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Possible_dip_to_44000\"><\/span>Possible dip to $44,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s continued struggles at the 21-week exponential moving average (EMA) was highlighted in the following chart from market analyst and pseudonymous Twitter user Rekt Capital. The weekly chart\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1473215248001863680\">shows<\/a> the difficulty BTC has had in breaking above the technical indicator. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/a0ba732d-5fa5-4ded-8089-507eb117d475.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to Rekt Capital, the price action for Bitcoin is similar to a scenario that occurred back in May \u201cwhereby Bitcoin is experiencing a multi-week consolidation between the two bull market EMAs,\u201d and the price could soon revisit the $44,000 level. He continued:<\/p>\n<blockquote><p>\u201cHistorically, BTC has performed downside wicks into the orange area during this red retest so there&#8217;s scope for another revisit of orange.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin daily losses near $4K as S&amp;P 500 hits 69th all-time high of 2021<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Waiting_for_a_breakout_above_52000\"><\/span>Waiting for a breakout above $52,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Suggestions as to what traders should be on the lookout for in the days and weeks ahead were offered by analyst and pseudonymous Twitter user &#8220;Don Alt,&#8221; who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/1475786316491235330\">posted<\/a> the following chart showing that Bitcoin is in a \u201cpretty clean downtrend, for now.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/b051e579-96d6-4447-a676-c5e65e2f20d1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Don Alt indicated that there is not much to see with BTC continuing to trade in a range at these current levels. He is now waiting for a clear break above the first red resistance zone on the chart above, which is located near $52,000. Don Alt further explained:<\/p>\n<blockquote><p>\u201cI start getting hopeful above $52,000, above $60,000 the raging bull market is back on. Until either of those h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, I&#8217;m gonna look for deep wicks and focus on other more exciting things.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin\u2019s dominance rate is 40.3%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/analysts-warn-that-a-possible-downside-wick-could-push-btc-as-low-as-44k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts warn that possible downside wick could push BTC price as low as $44K &#8221; It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support&#8230;<\/p>\n","protected":false},"author":1,"featured_media":386880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvOGZjM2NiMTUtN2ExMi00NzYzLWI1ZmUtZjhhM2M5YTcyOWM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,73785],"class_list":["post-386877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=386877"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/386877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/386880"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=386877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=386877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=386877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}