Bitcoin stranded in $3200-4200 range, further downside possible
Bitcoin price action this year resembled that before the slump from $6000 to 3000 in 2019. from the viewpoint of daily chart, price stuck in the narrow range of $3200 to 4200, as the trading volume drastically diminished.
Low volume and volatility evidently denote a profound bear market, showing no sign of turnaround. Only the price pushes above &4000 with robust volumes , can we safely believe the bear market may come to the end. Whereas we don't have such a lavish crypto market. Still, 2019 is a difficult year for bitcoin and other mainstream tokens. The price most likely will continue consolidating below 4000 and due to lack of outside interests and liquidity. If the price breaks down the support area near $3200, the collapse may spark a new wave of selloff and complete wave 5 , the last one in 5 impulse wave structure.
Low volume and volatility evidently denote a profound bear market, showing no sign of turnaround. Only the price pushes above &4000 with robust volumes , can we safely believe the bear market may come to the end. Whereas we don't have such a lavish crypto market. Still, 2019 is a difficult year for bitcoin and other mainstream tokens. The price most likely will continue consolidating below 4000 and due to lack of outside interests and liquidity. If the price breaks down the support area near $3200, the collapse may spark a new wave of selloff and complete wave 5 , the last one in 5 impulse wave structure.
