Here’s the Crucial Level That May Spark Bitcoin’s Next Bloodbath Decline

Here’s the Crucial Level That May Spark Bitcoin’s Next Bloodbath Decline
ôîòî ïîêàçàíî ñ : newsbtc.com

2020-8-22 02:00

Bitcoin has been caught in the throes of an intense bout of sideways trading for the past few weeks, with attempts to break above or below the upper-$11,000 region proving to be highly fleeting.

Earlier this week, the benchmark cryptocurrency rallied as high as $12,400 before it lost its momentum, with its price subsequently plunging to lows of $11,600.

The support at this level has held strong in the time since, with this decline kicking off another bout of consolidation.

Although in the short-term it remains somewhat unclear as to where BTC may trend next, it is essential to note that bulls have been able to defend a few crucial levels. This indicates that upside may be imminent.

However, one analyst is eyeing the $12,100 to $12,200 region as an ideal zone to open fresh short positions, as another rejection here could spark a bloodbath decline.

Bitcoin Shows Signs of Short-Term Strength as It Defends Key Support 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,730.

BTC has been trading between $11,600 and $12,000 for the past three weeks. The only exception to this trading range was seen earlier this week when bulls stepped up and propelled the crypto up towards $12,400.

After being rejected here, it traded sideways for just over a day before reeling back into its current trading range.

As for whether or not the current range will resolve in bull’s favor, analysts are noting that a crucial ascending trendline has been guarded throughout this consolidation bout.

One analyst put forth a chart showing the crypto’s reactions to this line, noting that it may help BTC break out of an ascending triangle it is currently caught within.

Image Courtesy of Teddy. Chart via TradingView. Here’s the Price Region Traders are Looking to Short

If Bitcoin can continue trading above this trendline and possibly even push higher, analysts believe that it could soon tap a region that offers a prime shorting opportunity.

While speaking about this, one trader noted that he is preparing to short the region between $12,100 and $12,200.

His downside target sits around $11,400.

“I’d really want to load the shorts in $12,100-12,200,” he said while pointing to the chart seen below.

Image Courtesy of Crypto Michael. Chart via TradingView.

Where the crypto trends next will likely depend on its reaction to the critical trendline that it is currently trading above.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 70054.19 (+1.76%)
Îáúåì 24H $42.182b
Èçìåíåèÿ 24h: 2.45 %, 7d: -2.64 %
Cåãîäíÿ L: $66916.68 - H: $70054.19
Êàïèòàëèçàöèÿ $1383.593b Rank 1
Öåíà â ÷àñ íîâîñòè $ 11505.37 (508.88%)

bitcoin highly fleeting earlier plunging proving region

Èñòî÷íèê: newsbtc.com

bitcoin highly → Ðåçóëüòàòîâ: 126


Bitcoin Hitting $20,000 in Early 2021 is “Highly Unrealistic:” Analyst

Bitcoin has every likelihood of touching its previous record high of $20,000. But, one should not expect it to happen in early 2021, says a TradingView analyst. The pseudonymous entity, operating under the alias of ‘XForceGlobal,’ said the significant upside move is “highly unrealistic,” given the public interest in Bitcoin is nowhere near the Google trend […]

2020-10-31 16:03


Analyst Who Forecasted Latest Bitcoin Rally Now Predicts Move to $18,000

Bitcoin’s price has found some notable stability in the time following its intense rally past $11,000 seen yesterday Although the cryptocurrency has not yet retraced following this incredible movement, it does appear to be facing some resistance above its current price levels BTC is now establishing the $11,000 level as support, which is a highly bullish sign – according to analysts One prominent trader who forecasted this latest movement is now noting that the crypto […]

2020-7-29 21:00


Ethereum Isn’t Out of the Woods Yet; Why ETH Could See a Sharp Decline

Ethereum’s intense uptrend has allowed the crypto to gain what appears to be a stable foothold within the $270 region Despite facing a firm rejection at $280, ETH has been able to continue flashing signs of strength At the moment, it appears to be highly correlated with Bitcoin as the two assets start another consolidation phase Analysts are now noting that Ethereum could be in for some trouble despite its overt strength It’s possible that […]

2020-7-25 23:00


Why Ethereum May Severely Underperform DeFi Tokens During Next Bull Market

Ethereum has seen some positive price action throughout the past day, although it remains highly correlated to that of Bitcoin It also remains caught within its macro trading range between $230 and $250, with its buyers being unable to surmount the upper boundary of this range ETH investors have been speculating that the growth seen within the DeFi sector could be enough to propel the crypto higher That being said, one analyst and fund manager […]

2020-7-23 23:00


Ôîòî:

Jimmy Song Predicts Ethereum at $97 by Year-End, Fears PoS “Will Essentially Centralize ETH in Some Serious Ways”

Ethereum is said to be “highly undervalued” because of the role the network plays in DeFi development and it is expected to become more valuable as it migrates to Proof-of-Stake. On the contrary, a Bitcoin developer and the author of ‘Programming Bitcoin’, Jimmy Song sees Ethereum price dropping as low as $97 by the end […]

2020-7-15 16:54


Economist: Bitcoin Remains a “Risk On” Asset After Reacting to Payroll Data

Bitcoin saw some slight turbulence over the past few days, with its price rallying as high as $9,300 before facing a rejection that caused it to slide beneath $9,000 for a brief period. This volatility appeared to be directly linked to news regarding US payroll numbers, signaling that the cryptocurrency presently remains highly correlated to […]

2020-7-4 05:00


Ôîòî:

Why Boomers and Gen Xers are Expected to Become the Biggest Bitcoin Whales

Cryptocurrency, in its short period of existence, has been highly beneficial for all existing generations, with Bitcoin millionaires ranging from 18 years to over 50 years of age. However, the question of which generation will benefit the most from the highly promising cryptocurrency is one that surfaces very often in the crypto community. Usually, the […]

2020-7-2 23:00


Ôîòî:

Money Manager Recommends Zero Exposure To Equities, Will Capital Flow Into Bitcoin?

A highly respected money manager that has called the last three financial bubbles says the current bubble is the “real McCoy,” and recommends zero exposure to traditional equities. But investment capital must flow somewhere – will Bitcoin benefit from the eventual stock market bubble bursting? Legendary Bubble Expert and Money Manager Recommends Zero Exposure To Equities Although Black Thursday saw an initial stock market selloff that also crushed Bitcoin and other cryptocurrencies, once the Federal […]

2020-6-18 18:00


Ôîòî:

Bitcoin’s Price Spread on the CME is “Super Bullish” and Foretells Major Upside

Bitcoin has seen mixed price action in recent times, struggling to surmount $10,000 despite gaining a solid foothold within the $9,000 region Analysts are now noting that the cryptocurrency appears to be at a turning point as it trades directly between two CME gaps One analyst is also pointing to the massive BTC premium seen on the CME as a reason why the crypto is highly bullish Bitcoin saw some turbulent trading yesterday when sellers […]

2020-6-2 02:00


Ôîòî:

Bitcoin May Be Poised to Push to $11,000 as Bullish Confluence Grows

Bitcoin has entered what appears to be a consolidation phase as its bulls and bears reach an impasse This has led the benchmark crypto to trade sideways within the upper-$8,000 region for an extended period of time Analysts are noting that there are some bullish factors that seem to suggest the recent rally is far from over, and that BTC could soon make a bid at $11,000 Bitcoin has seen some highly bullish price action […]

2020-5-5 21:00


Here’s Why Amazon’s 7% Plunge Today Could be a Warning Sign for Bitcoin

The stock market’s striking correlation to Bitcoin throughout the past few months still appears to be holding strong, even despite Bitcoin’s intense rally seen over the past couple of days. It now appears that this correlation could once again prove to be highly negative for the benchmark cryptocurrency, as some major components of the market...

2020-5-2 02:00


Ôîòî:

Why Crypto Investors Withdrawing BTC En Masse From Exchanges is Optimistic

New data shows that crypto investors and traders are withdrawing their BTC from cryptocurrency exchanges in record numbers, following the historic Black Thursday collapse in mid-March. While this may initially sound like a bad thing for the market, it has incredibly bullish implications that provide a highly optimistic outlook on Bitcoin’s future.

2020-5-1 18:00


Ôîòî:

Here’s why Ethereum’s “hodlers” could ultimately fuel an explosive uptrend

Ethereum has seen notable volatility in recent times, primarily stemming from that seen by Bitcoin and many of its other peers. This has allowed the ETH to rally to fresh post-February highs of $230 overnight, although its push up to this level proved to be highly unsustainable and resulted in it declining back into the […] The post Here’s why Ethereum’s “hodlers” could ultimately fuel an explosive uptrend appeared first on CryptoSlate.

2020-5-1 10:00


Ôîòî:

These Simple Factors Show Why Bitcoin’s Recent Rally was So Important

Bitcoin’s rally yesterday allowed it to erase virtually all of the losses that resulted from its mid-March meltdown This movement did more than just boost its technical outlook, as it has also bolstered BTC on multiple other fronts One analyst is also noting that this was a “spot dominated” movement, meaning that it may actually prove to be highly sustainable Bitcoin saw a massive rally yesterday that allowed it to erase virtually all of the […]

2020-5-1 02:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance. Bitcoin extended losses and tested the $65,200 zone. The price is trading below $67,500 and the 100 hourly Simple moving average.