Analysts Rule Out Bitcoin Drop to $4,000 Despite Bearish Signs; Here’s Why

2019-9-25 00:00

Bitcoin’s price action has proven to be quite bearish as of late after it failed to hold above its key support level around $10,000. The drop below this level has led BTC to a key support level in the $9,000 region, and a failure to hold above this support level could lead to a massive movement lower.

Analysts are ruling out a full retrace down to $4,000, however, and are noting that there could be a near-term bullish scenario if BTC is able to hold above $9,400.

Bitcoin Plummets Below $10,000 as Sellers Flex Their Strength 

At the time of writing, Bitcoin is trading down over 3% at its current price of $9,600, which marks a notable retrace from its daily highs of just under $10,000.

Because Bitcoin has been unable to find any sustainable upwards momentum within the five figure price region, bears have been able to gain the upper hand over the cryptocurrency’s bulls, which appear to have lost much of their strength as BTC once again revisits its historical support region in the lower-$9,000 region.

A failure to hold strong above this support level will likely lead to a bout of capitulation that sends the crypto reeling significantly lower, but analysts are noting that there is a bullish near-term scenario that could bolster BTC’s bulls.

The Cryptomist, a popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, explaining that a strong bounce from $9,400 could spark some bullish momentum.

“$Btc Hmm looking again there may be a bullish scenario? Long bottom wick too 9.4k region, with candle close on support of falling wedge RSI. Then breakout to cover 11.8k gap? Will know between this & last post, which is valid, from btc next move,” he explained in a recent tweet.

$Btc

Hmm looking again there may be a bullish scenario?

Long bottom wick too 9.4k region, with candle close on support of falling wedge RSI

Then breakout to cover 11.8k gap?

Will know between this & last post, which is valid, from btc next move pic.twitter.com/hRsmxV6FBO

— The Cryptomist (@TheCryptomist) September 24, 2019

BTC Unlikely to Face Deep Retrace to $4,000

Assuming that $9,400 does not hold as a strong level of support and that Bitcoin faces a significant influx of selling pressure, some analysts have noted that BTC could erase a significant amount of the gains it incurred throughout the first half of 2019.

Despite this, Mayne, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he believes it is highly unlikely.

“$BTC Seeing a lot of $4k charts today. I don’t like to speak in absolutes but I don’t see us dropping that low. We’re in an uptrend and have been consolidating for 90 days. Just because it’s a descending triangle doesn’t mean we fully retrace the move, market conditions matter,” he noted.

$BTC

Seeing a lot of $4k charts today.

I don’t like to speak in absolutes but I don’t see us dropping that low. We’re in an uptrend and have been consolidating for 90 days. Just because it’s a descending triangle doesn’t mean we fully retrace the move, market conditions matter.

— Mayne (@Tradermayne) September 24, 2019

How Bitcoin reacts to its key near-term support levels in the coming hours and days will prove to be critical for determining its near-term trend.

Featured image from Shutterstock.

The post Analysts Rule Out Bitcoin Drop to $4,000 Despite Bearish Signs; Here’s Why appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Level Up Coin (LUC) на Currencies.ru

$ 0 (+0.68%)
Объем 24H $0
Изменеия 24h: 1.94 %, 7d: 12.29 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 9.74E-5 (-100%)

level bitcoin support drop bearish analysts above

Источник: newsbtc.com

level bitcoin → Результатов: 126


Bitcoin Nears Highs, But It May Not Be Ready for a Breakout; Here’s Why

Bitcoin has seen some incredible strength throughout the past few days, with each dip being aggressively absorbed by buyers This has allowed the crypto to rally past the $18,000 level and gain what appears to be a strong and stable foothold here Where it trends in the near-term should depend largely on its continued reaction to this level One analyst is noting that BTC does look like it wants to test its post-2017 highs of […]

2020-11-21 21:00


Analysts Watch Crucial Bitcoin Support as Altcoins Gain Momentum

Bitcoin has been inching lower throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend This slight decline has come about following a period of immense strength and stability as it consolidated above $16,000 If it continues trading below this level, its recent $16,500 highs could mark a long-term top Where it trends next may depend on one key support level that an analyst […]

2020-11-15 01:00


Here are the Key Levels Ethereum Must Shatter to Kick Off a Bull Trend

Ethereum’s price has been closely tracking that of Bitcoin throughout the past few days, but this trend has shown some signs of breaking today While Bitcoin is pushing past its key resistance within the lower-$1,000 region, ETH is still stuck below its $360 resistance level If it is able to break these levels, it will then face a significant hurdle between $380 and $400 A continued inability to break above this level could do some […]

2020-10-9 23:00


Bitcoin Could Plunge to $8,100 if These Key Levels Fail to Hold

Bitcoin’s bulls and bears are currently engaged in a heated battle for control of $10,000, with this crucial level likely being the sole factor that determines its near-term outlook. Analysts are noting that the ultimate reaction to this level will likely provide BTC with serious guidance, as a failure to hold above it could spark a far-reaching downtrend BTC is also approaching a key technical level that bulls must try to defend ardently – its […]

2020-9-8 02:00


Bitcoin Prone to Seeing Downside as It Trades Below Key Level

Bitcoin and the aggregated crypto market are struggling to extend the mid-term uptrend that has driven them higher over the past few weeks This has come about as BTC pushes up against insurmountable resistance at $12,000 – a level that it has been rejected at on multiple occasions Analysts are now noting that it may require a daily close above $11,900 for it to see further upside that sends it past this price level There […]

2020-8-14 02:00


Bitcoin’s Highest Weekly Close Since Jan 2018 Coincides with Falling Inflow to Exchanges

Yet another weekend that saw Bitcoin jumping the $12,000 level. After breaking the key level of $10,000, now the largest cryptocurrency is working on another important level. Over the weekend, BTC went down to $11,500 only to start gaining momentum towards the end of the day to start yet another bullish week. And #Bitcoin has […]

2020-8-10 15:59


PlanB: Bitcoin Price Below S2F Model Value Is A ‘Rare’ Opportunity For BTC To $10,000 By EOY

Before breaking the record losing streak of 2014, that has BTC crashing to $6,515 level, Bitcoin went back above $7,000 and is still maintaining around that level. Since last week, Bitcoin price has lost 15% of its value, sinking to the lowest level in six months on concerns of a crackdown on crypto trading by […]

2019-11-26 20:06


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Soars Past $106,000 For A New ATH — What’s Driving The Frenzy?

Optimism regarding a potential strategic reserve fund proposed by President-elect Donald Trump has propelled Bitcoin to surpass $106,000 for the first time. Related Reading: $36 Trillion Question: Can Bitcoin Really Save The US? Peter Schiff Thinks Not Since Trump won the election on November 5, 2024, the cryptocurrency had an amazing rise of over 50%, […]