Analysts Explain Why Bitcoin Bearish Correction Could Turn Worse
Bitcoin is trading almost 17 percent below its year-to-date high near $12,500. And, according to analysts at TradingShot, the downside bias is about to turn a lot worse. The independent market analysis portal spotted the benchmark cryptocurrency testing the support of a medium-term Ascending Channel. At the same time, it highlighted BTCUSD’s latest plunge below its 50-day moving average wave – an otherwise concrete price floor. A Bearish Setup Analysts placed a Fibonacci Retracement graph […]
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Bitcoin price just saw the worst high timeframe correction in years, falling sharping by 50% and instilling fear across the market. The turn in sentiment has everyone guessing where the now bearish cryptocurrency could fall to, but according to past cycles, it could get a lot worse before it gets better. Here’s more on why […]
The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space. Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular....
After bitcoin's price hit its previous all-time high in 2017, it fell. Analysts explain why the latest rally will be different.
Bitcoin has plunged by almost 9 percent after establishing its new record high near $20,000 last week. And a team of quantitative strategists at JP Morgan & Chase believes that gold is behind the flagship cryptocurrency’s corrective price move. The analysts, including Nikolas Panigirtzoglou, wrote that Bitcoin price correction lags a similar move in the […]
Bitcoin’s price is still undergoing a medium-term downward correction. A turn to growth didn’t happen, which means that there is a possibility of the price dropping to the next level. Where might the current correction end? Bitcoin’s price has not reached its top key level. After forming a micro-flat, it has continued its fall. Thus, a new resistance line has formed at $454. The length of the current correction depends on the moment when the advantage will go from the bears to the bulls. Bitcoin’s price has reached a key level at $445, and now there will be either a turn or a downward....