Traders identify $41K as Bitcoin’s key support to hold for the short-term
While the long-term sentiment remains bullish, traders warn that BTC must hold the $41,000 support to avoid a sweep of the $38,000 level. Bitcoin faced another day of bearish pressure on Sept. 29 as the impact of China's crypto crackdown and uncertainty about the regulatory landscape in the United States continue to weigh heavily on Bitcoin (BTC) and some of the larger-cap altcoins. Data from Cointelegraph Markets Pro and TradingView shows that the early morning rally above $42,000 lost steam by midday as the price collapsed back near the $41,000 support level where bulls are now defending....
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Bitcoin bounced off $53,000 support but another leg down should not be ruled out in the near term. Bitcoin’s (BTC) price has seen massive gains in recent months as the price of Bitcoin accelerated from $11,000 to nearly $62,000. However, such impressive rallies also include relatively calm periods of price action. These periods are consolidative and are needed for the market to find a new floor. In bull markets, bullish continuation is likely after these periods of ranging before another leg up can happen. Currently, Bitcoin’s price seems to be in such a period just over a week after....
Neucoin Price Key Highlights. Neucoin's price made a convincing downside break from its consolidation, visible on both short-term and long-term time frames. This suggests that further Neucoin losses are in the cards, spurred by positive momentum in Bitcoin price action. Neucoin's price might have its sights set on much further lows, although a pullback to the broken support area might still be possible. Support Turned Resistance? With Neucoin prices treading lows not seen before, traders might be quick to book profits on their short positions. If that happens, price could make a rebound to....
Bitcoin is short-term bearish, traders say, as the options market hints at consolidation. A pseudonymous trader known as “Byzantine General” is short-term bearish as Bitcoin (BTC) continues to test the same $30,000 support area.Although the price of Bitcoin is staying above a key support level, the trader said the price action is not bullish. He wrote:“In the midst of all this chaos, here's a bitcoin chart. Not much to do. It's bearish no matter how you look at it. But we're sitting on support, so no swing short opportunity either... It's just waiting now. > YO needs to hold.”"Options....
Bitcoin’s spike to $50,000 renewed calls for a new all-time high, but analysts caution that a daily close above $51,000 is needed to solidify the current uptrend. The crypto market is back in high spirits on Sept. 2 after Bitcoin price briefly tapped the $50,000 level in the early morning trading session. The move above the key resistance level came as industry insiders hinted that major companies and institutional investors hinted that recent Bitcoin purchases would soon be disclosed in public documents. Additional bullish news came after Vast Bank announced that it had become the first....
In last week’s post we concluded with the following statement: We are currently Long-Term Bullish, Intermediate-Term Bearish, and Short-Term (very tentatively) Bullish. We will continue to treat the US$500 as support until visibly shown otherwise. The highest probability target is the bottom of the triangle at US$560 though some confidence has been lost in this move since last week. If it gets us there, the situation will be re-evaluated, but the most likely outcome is some more downside back to the US$530-500 zone. Some confidence in the move lost because the longer we hang around US$500....