Holding Back The Bears: Why Bitcoin Must Break $22,500
Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. This decrease in price has pushed the market further into the bear market. It still trades at very critical levels which will determine the movement for the next couple of weeks. These two main points are the support that formed at $20,000 and the 200-week moving average. Bitcoin Turning Bearish? The price of bitcoin at the time of this writing is ranging towards $20,000 with drawdown. Being so dangerously close to this point is critical in the forecast for the price of bitcoin, and....
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Bitcoin price is encountering a lot of roadblocks on its move up north for now so bears might take advantage and push for a drop. Bitcoin Price Key Highlights. Bitcoin price is still moving inside its ascending channel pattern on the 1-hour chart but bears seem to be pushing for a downside break. Price has been hovering too close to the channel support for quite some time, which means that bulls are having trouble sustaining the climb. A break below the channel support could mark the start of a selloff until the next lows at $700-750. Technical Indicators Signals. The 100 SMA has just....
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The epic struggle between bulls and bears continues, with neither side willing to accept defeat. After a smaller than expected fall a couple days ago, the coins have rallied back to the 78.6% retracement level and have held their ground at that level for the past day or so. As you can see in the image below, price continues to be supported by a trendline from the October low. The line has been tested and held for seven tests so far. Meanwhile, it appears a pennant is forming which I presume most traders can readily see. I have labelled the pennant as I see it. If I am correct, the final....
October has been a historically bullish month for Bitcoin but with the slow start to the month which proceeded into the last week of the month, it is understandable why a deviation from the norm was expected. However, this sentiment was quickly erased as the crypto market had taken a positive turn on Tuesday. By the close of the trading day on Wednesday, BTC’s price had surpassed $20,000. But what does the rejection at $21,000 say? Bitcoin Fails To Beat $21,000 Even with the momentum of the past two days, bitcoin had met a harsh rejection at the $21,000 level. Bears had quickly mounted....
Bitcoin is exhibiting confusing price action currently, reeling from the slew of negative news but withstanding a fall back to retest lows. Eventually, the stalemate between bulls and bears will break, and an enormous decision-making move will result. Whichever way Bitcoin breaks next, one crypto analyst says, will set the trend and grand stage for […]