Market Analysis: Price Reversal
After Bitcoin hit the floor at $300, things have been looking upward. The main cause for this massive downward trend was a person sold 30,000 Bitcoins, all at the $300 mark. Once that massive sell wall was ridden of, the price of Bitcoin is going up now. Subsequently, most other coins are too. As you can see from the chart above, it only proves to further reinforce what has been previously stated. The downward trend hit the floor at around $300, with then a massive spike of volume where it then returned to regular volume levels, but the price trend is now moving upwards.
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Don’t be alarmed by the current slump in the bitcoin price. In fact, there is still cause for optimism. The market is going through a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820, keeping us right on track to hit the projections advanced last week. Bitcoin Price Analysis: Bulls Still in Control. Long-Term Analysis. After testing the lowest support at the $580-$600 level, prices should enter an upward reversal pattern soon, which will allow an initial pull back to $700, extended to Fibonacci´s technical objective at $820. The....
Crypto analyst Ali Martinez has offered an exciting bullish projection for the Bitcoin price. This analysis is even more interesting for the premier cryptocurrency after it fell to a multi-month low over the past week. Is A Return To $60,000 On The Cards For BTC Price? In a new post on the X platform, Martinez shared an interesting analysis of the Bitcoin price, explaining that the coin might be primed for a run to the upside. This is based on two bullish candlestick formations on the three-day chart. Firstly, the pundit noted that the price of BTC is forming a doji candle pattern on the....
A swift Bitcoin price correction from $295 and 1838 CNY erased a lot of today's gains. Although the market seemed more intent on advance during today's session, the return of selling nerves may see the correction linger for a while. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 16h54 UTC. Bitfinex 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The price reversal happened from a lower level than anticipated and....
The declining Bitcoin price wave of the past two days looks incomplete and it has achieved neither a double bottom nor a significant price low to give us confidence that a larger trend reversal is underway. Instead, the market has chosen to trade price higher, but is doing so with little conviction. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 16h58 UTC. Bitfinex 15-Minute Chart. From the analysis pages of xbt.social, earlier today:....