Bitcoin price short-term pullback is very possible for 4 key reasons
Bitcoin price is hovering around $19,000 again after a sharp intraday drop. There are four reasons BTC is primed for a further pullback. The price of Bitcoin (BTC) is now stagnating below $19,000 after four failed attempts to break out of the $19,600 resistance level. In the near term, four factors suggest that a pullback is more likely than a clean breach of the all-time-high price near $20,000. Traders and technical analysts are mostly cautious regarding the near-term price trend of Bitcoin, seemingly waiting for BTC to establish a clear support level or break past its record high.There....
Related News
Bitcoin price could draw support from the short-term rising trend line connecting the recent lows of price action before resuming its climb. Applying the Fibonacci retracement levels on the latest swing low and high shows that the 38.2% level is close to the trend line around the $413 area. A larger pullback could last until the 50% Fib at $410 or the 61.8% Fib at $405. The 100 SMA lines up with the rising trend line and this might add to its strength as a potential support zone. In addition, this short-term MA is above the longer-term 200 SMA, confirming that the path of least resistance....
Bitcoin has surged $1,000 from last week’s lows of $10,400. At $11,400, the cryptocurrency remains decisively higher than it was before this rally. Even still, analysts think that Bitcoin is primed to undergo a reversal as its short-term to medium-term chart flashes a number of warning signs. Bitcoin Could Face a Short-Term Pullback as Price Fails to Pass Breaker One crypto-asset analyst recently shared this chart below. It shows that BTC’s recent rally ended right […]
The price of Bitcoin dropped below $16,400 on the day following a massive short-term correction. On-chain analyst Willy Woo attributed the pullback to an overheated bull run. Before the pullback happened, the Bitcoin derivatives market showed signs of extreme buyer demand. The market was dominated by buyers and long contract holders, leaving BTC vulnerable to […]
Bitcoin price might be in for a pullback opportunity to these inflection points before resuming its climb. Bitcoin Price Key Highlights. Bitcoin price recently made a strong rally and zooming in to the 1-hour chart shows potential correction levels. A bullish flag pattern can be seen on the longer-term time frames but it looks like buyers would need to wait for a pullback. Technical indicators are showing mixed signals at the moment, which suggests a possible short-term retracement on the ongoing uptrend. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the....
The sudden pullback just short of a new $50,000 high surprised many investors. Here's what probably happened.